FM Global Strikes Deal in Would-be Class Suit Over 401(k) Plan

FM Global reached a tentative settlement with a proposed class of workers who accused the Rhode Island-based insurance company of mismanaging their $1.8 million 401(k) plan through high fees and poorly performing funds.

The parties are working to prepare settlement paperwork and plan to file the deal for court approval by Aug. 29, they said in a notice filed Monday in the US District Court for the District of Massachusetts. They didn’t provide details about the terms of the agreement.

The lawsuit says FM—formally known as Factory Mutual Insurance Co.—allowed its retirement plan to be plagued with excessive administrative ...