Biogen Strikes Class Deal in Lawsuit Challenging Retirement Plan

Biogen Inc. will settle a proposed class action challenging the fees and investment options in the Massachusetts-based biotechnology company’s retirement plan.

The parties agreed to a class-wide settlement following a private mediation session and expect to file paperwork for court approval by Aug. 24, they said. Their status report, filed Thursday in the US District Court for the District of Massachusetts, didn’t include details about the terms of the deal.

The lawsuit accused Biogen of failing to properly review the investment lineup in its $1 billion 401(k) plan to keep fees under control. The plan improperly offered funds that ...