Allied Universal Retirement Fee Suit Settles for $1.4 Million

Universal Services of America LP and Allied Universal Topco LLC agreed to pay $1.4 million to resolve claims that they failed to properly rein in their 401(k) plan’s annual administrative fees.

The proposed deal would benefit a class of 53,000 people covered by Allied Universal’s plan since June 2016. It represents more than 23% of the total estimated losses in the Employee Retirement Income Security Act case, according to a settlement motion filed Jan. 31 in the US District Court for the Central District of California.

• The lawsuit says the private security company’s 401(k) plan charged annual administrative fees of ...