Cumulus Ends 401(k) Fee Challenge, Appeal With $1 Million Pact

Cumulus Media Inc. signed a $1 million class settlement agreement with workers challenging the radio company’s retirement plan fees and investment options.

The deal, announced Tuesday in the US District Court for the Northern District of Georgia, is expected to benefit about 5,230 people covered by the company’s retirement plan. It represents between 26% and 67% of the range of potential damages, according to the filing.

The settlement, which comes two months after the lawsuit was filed, also resolves an appeal in a similar suit filed against Cumulus by the same attorneys in 2020. Cumulus defeated that case at ...