Welcome

Deutsche Bank’s $21.9M 401(k) Settlement Gets Final OK

March 4, 2019, 7:05 PM

Deutsche Bank Americas Holding Corp. secured final approval of a $21.9 million settlement with workers who objected to the affiliated mutual funds in their 401(k) plan.

The deal resolves a class action involving more than 34,000 current and former employees who accused the bank of filling their retirement plan with expensive, poorly performing mutual funds that paid fees to Deutsche Bank. The parties reached an agreement one day before the case was scheduled to go to trial in July 2018.

A growing number of companies have signed multi-million settlements to end litigation over the affiliated funds in their retirement plans. ...

To read the full article log in.

Learn more about a Bloomberg Law Subscription.