American Red Cross Retirement Fund Accord Scores First Approval

A federal judge granted preliminary approval to a $950,000 class settlement benefiting American National Red Cross workers who challenged the Northern Trust target-date funds in their retirement plan.

The deal, which is slated to benefit more than 20,000 retirement plan participants, represents about 7% of the total potential damages in the case, according to the settlement motion. Judge Ana C. Reyes granted preliminary approval to the deal and scheduled an Oct. 7 fairness hearing in an order issued Wednesday in the US District Court for the District of Columbia.

• The four-year-old lawsuit, which was allowed to advance last year, ...