Cumulus Media Workers Approved for $1 Million 401(k) Settlement

Cumulus Media Inc.'s $1 million class settlement with workers challenging their retirement plan fees received final court approval, as did a $333,300 fee award for the workers’ attorneys.

The deal is slated to benefit about 5,230 people covered by the company’s retirement plan since 2014. It represents between 26% and 67% of the range of potential damages, according to the settlement motion.

Judge Thomas W. Thrash Jr. of the US District Court for the Northern District of Georgia signed the final approval order Tuesday. Thrash also approved an attorneys’ fee award of one-third the settlement amount, along with nearly ...