GE Gets Nod for ‘Largest Ever’ Deal Over 401(k) Affiliated Funds

General Electric Co.'s $61 million class settlement with employees challenging the affiliated funds in their 401(k) plan received initial approval from a Boston federal judge.

The deal, which workers describe as “the largest ever in an ERISA case alleging a retirement plan improperly offered proprietary funds,” represents about 21.5% of their total estimated damages, according to the settlement motion.

Judge Indira Talwani of the US District Court for the District of Massachusetts granted preliminary approval to the deal earlier this week, according to a court docket entry filed Thursday.

The six-year-old class action, which covers hundreds of thousands of ...