Aegis Media Retirement Plan Class Action Settles for $500,000

Aegis Media Americas Inc. signed a $500,000 class settlement with workers who challenged the administrative fees and funds in the company’s retirement plan.

The deal would resolve a 11,775-person class action covering all the Aegis plan’s participants and beneficiaries since May 2014. It requires Aegis to look for a new 401(k) recordkeeper within three years and to institute two hours of mandatory fiduciary training each year for the members of its retirement plan committee, according to a settlement motion filed Tuesday in the US District Court for the Southern District of New York.

The settlement amount represents nearly half of ...