Cintas Retirement Plan Fee Challenge Settles for $4 Million

Cintas Corp. employees challenging the uniform maker’s 401(k) plan fees reached a $4 million class settlement to resolve a lawsuit that once caught the attention of the US Supreme Court.

The settlement, announced in a Feb. 9 court filing, is slated to benefit more than 52,000 people covered by the Cintas retirement plan since December 2013. It represents at least 30% of the employees’ “best-case estimated damages,” the employees said.

The deal also requires Cintas to look for a new retirement plan recordkeeper within the next five years.

The proposed class action says Cintas kept expensive, actively managed mutual ...