Boston’s PTC Cleared for $1.7 Million 401(k) Class Settlement

Boston-based software company PTC Inc. received early federal court approval for a class settlement requiring it to pay more than $1.7 million and look for a new 401(k) plan record keeper, resolving litigation over the plan’s fees and investment options.

The $1,725,000 deal represents nearly 60% of the plaintiffs’ estimated damages and is expected to benefit about 3,800 people covered by PTC’s retirement plan, according to the settlement motion. It also requires PTC to put the plan’s administrative and record-keeping services up for competitive bidding within 18 months.

Judge William G. Young of the US District Court for the ...