FirstGroup Workers Nab $9 Million Deal Over Aon Funds in 401(k)

Participants in FirstGroup America Inc.'s 401(k) plan negotiated a $9 million global settlement in their class action challenging the plan’s move to allegedly untested funds from an Aon PLC unit.

The deal, announced Thursday in the US District Court for the Southern District of Ohio, requires the transportation company and Aon to pay $4.5 million each into a settlement fund benefiting about 26,000 people who invested in Aon funds through the FirstGroup retirement plan since 2013. The settlement amount represents between 21% and 35% of the plan participants’ estimated damages in the case, according to the filing.

The global ...