Aon, Centerra Get First OK for $7.5 Million 401(k) Settlement

Centerra Group LLC and an Aon PLC unit received initial court approval for a $7.5 million settlement that would resolve a class action challenging a redesign of Centerra’s 401(k) plan that favored allegedly underperforming trusts from Aon.

The agreement requires Aon to pay $4.5 million to a settlement fund benefiting thousands of participants in Centerra’s 401(k) plan, with Centerra to pay the remaining $3 million. Judge Sherri A. Lydon of the US District Court for the District of South Carolina signed the preliminary approval order Monday. She also scheduled a July 2 fairness hearing in the case, which had been ...