Duke University and its workers reached a deal to end claims that the college allowed imprudent investments that carried excessive fees in its retirement plans.

Duke is the second prominent university to settle such claims.

The parties are working on the settlement details and will seek court approval in the next couple of weeks, class counsel Jerome Schlichter told Bloomberg Law Nov. 30.

The settlement, announced Nov. 29 in a docket entry, affects two related lawsuits involving Duke’s retirement plan. The settlement would benefit a certified class of 40,000 current and former Duke employees who say the school’s retirement plan...