Gerdau Ameristeel Gets Final Approval for 401(k) Fee Settlement

Gerdau Ameristeel US Inc. finalized a $1.5 million class settlement with workers who said the steel maker’s 401(k) plan charged them excessive fees.

The settlement, which represents about 43% of the potential monetary recovery for about 6,000 Gerdau plan participants since September 2016, includes the company’s pledge to search for a new 401(k) recordkeeper and to request information on its current recordkeeper’s income, according to court filings. Judge Virginia M. Hernandez Covington granted final approval to the deal and awarded class counsel more than $500,000 in attorneys’ fees and expenses in a pair of orders issued Tuesday in the US ...