Clean Harbors Inks Class Deal in Challenge to 401(k) Plan Fees

Clean Harbors Environmental Services Inc. announced plans to settle a proposed class action by a former employee who says the waste management company mismanaged its retirement plan by offering pricey investments and high-cost stable value funds.

The parties reached a tentative class settlement and plan to submit the deal for court approval by June 14. Their notice, filed Tuesday in the US District Court for the District of Massachusetts, didn’t include details about the terms of the agreement.

The lawsuit says Clean Harbors filled its $813 million retirement plan with expensive retail share class mutual funds when the same ...