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Boston’s PTC Signs $1.7 Million Settlement in 401(k) Class Suit

Dec. 20, 2021, 2:37 PM

Boston-based software company PTC Inc. will pay more than $1.7 million and look for a new 401(k) plan record keeper to resolve a proposed class action challenging the plan’s fees and investment options, a federal court filing shows.

The $1,725,000 settlement, which represents nearly 60% of the plaintiffs’ estimated damages on their surviving claims, is expected to benefit about 3,800 people covered by PTC’s retirement plan. The deal also requires PTC to put the plan’s administrative and record-keeping services up for competitive bidding within 18 months, the parties said in a Dec. 17 settlement motion filed in the U.S. District ...