Benefits & Executive Compensation News

BB&T’s $24M 401(k) Settlement Spurs $8M Attorneys’ Fee Award

May 7, 2019, 1:12 PM

BB&T Corp. received final court approval for a $24 million settlement with employees who challenged the in-house mutual funds in the company’s 401(k) plan.

The deal will benefit about 72,000 current and former investors in BB&T’s retirement plan. The investors accused BB&T of profiting off their retirement savings by filling the plan with poorly performing in-house funds that earned high fees for the company.

Judge Catherine C. Eagles of the U.S. District Court for the Middle District of North Carolina signed the final approval order May 6.

Eagles separately approved an $8 million attorneys’ fee award for the investors’ lawyers...

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