Benefits & Executive Compensation News

Edison Agrees to Pay $5.6M in Additional Damages in 401(k) Suit

Sept. 6, 2017, 4:50 PM

Edison International will pay $5.6 million in additional damages to a class of current and former employees who sued the utility company for breaching its fiduciary duties by including high-fee mutual funds in its 401(k) plan (Tibble v. Edison Int’l, C.D. Cal., 2:07-cv-05359-SVW-AGRX, joint stipulation regarding methodology for plan return calculations 9/5/17).

The multi-million dollar amount is the result of the parties’ agreement on the calculation of the plan’s losses from 2011 through July 2017, according to a joint stipulation filed Sept. 5 in the U.S. District Court for the Central District of California.

The stipulation comes three...

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