Genentech Finalizes $250,000 401(k) Deal While Facing Appeal

Genentech Inc.'s $250,000 class settlement with workers challenging their 401(k) plan fees received final approval, with an appeal over one of the case’s claims pending.

The deal resolves allegations that Genentech, a member of Roche Group, mismanaged its 401(k) plan by paying excessive recordkeeping fees. Judge Richard Seeborg of the US District Court for the Northern District of California granted final approval to the deal during a June 13 hearing, after ruling last year that this claim could go to trial.

The $250,000 settlement amount represents about 34% of the “midpoint of realistically recoverable damages” associated with the recordkeeping claim, ...