BDO, Workers Reach Tentative Deal in 401(k) Mismanagement Suit

BDO USA LLP agreed to a tentative settlement with a proposed class of employees who said the accounting firm mismanaged their $1.2 billion 401(k) plan.

The parties reached an agreement in principle and have until Jan. 30, 2024, to file details of the deal for court approval, Judge Matthew F. Kennelly said in a Dec. 15 docket entry.

The lawsuit, filed in 2022 on behalf of a proposed class of more than 11,000 retirement investors, says BDO filled its 401(k) plan with expensive and poorly performing funds and forced workers to pay annual recordkeeping fees of nearly $86 per ...