FM Global, Workers Get Nod for $750,000 Retirement Fee Accord

FM Global received initial approval for a $750,000 class settlement with workers who accused the Rhode Island-based insurer of mismanaging their $1.8 billion 401(k) plan through high fees and poorly performing funds.

The deal, which is expected to benefit about 6,000 people covered by FM Global’s plan since October 2017, represents 37.5% of the amount workers demanded in connection with their claim for excessive fees. Judge Julia E. Kobick granted preliminary approval to the deal and scheduled a March 12, 2026, fairness hearing in an order issued Oct. 10 in the US District Court for the District of Massachusetts. ...