Aegis Media Agrees to Class of Thousands in 401(k) Fee Lawsuit

Aegis Media Americas Inc. agreed to have litigation over its 401(k) plan fees resolved as a class action covering as many as 11,775 people.

The stipulation, filed Tuesday in the US District Court for the Southern District of New York, allows for the certification of a class covering all the Aegis plan’s participants and beneficiaries since May 2014, with the defendants and their immediate family members excluded. It comes one month after the Aegis plan participants filed their motion for class certification.

The three-year-old lawsuit accuses Aegis, the US arm of global advertiser Dentsu Aegis Network, of filling its ...