Cumulus Media Gets Nod for $1 Million 401(k) Plan Fee Settlement

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

The deal, which is expected to benefit about 5,230 people covered by the company’s retirement plan, represents between 26% and 67% of the range of potential damages, according to the settlement motion.

The preliminary approval order was signed by Judge Thomas W. Thrash Jr. and docketed Feb. 17 in the US District Court for the Northern District of Georgia. Thrash also scheduled a July 10 fairness hearing to further evaluate the deal.

Cumulus, ...