DST 401(k) Investors Cleared for $125 Million Stock Loss Accord

A $125 million class settlement resolving multiple lawsuits and arbitration actions over DST Systems Inc.'s 401(k) plan received final court approval, as did a trio of attorneys’ fee requests totaling more than $25 million.

The settlement covers 9,000 people and is slated to resolve multiple federal lawsuits, including one filed in 2019 by the Labor Department and hundreds of individual arbitration actions. It requires DST; investment manager Ruane, Cunniff & Goldfarb Inc.; and Ruane co-founder Robert Goldfarb to pay $124,625,000 into a settlement fund, which will also go toward paying more than $9 million in civil penalties assessed by the ...