Grifols Shared Services Inks $1.45 Million 401(k) Fee Settlement

Health-care and bioscience company Grifols Shared Services NA will pay $1.45 million to settle a proposed class action challenging the fees and funds in its $1 billion 401(k) plan.

The settlement, announced Thursday in the US District Court for the Central District of California, is expected to provide payments to about 10,000 people covered by the Grifols retirement plan since 2016. The settlement amount represents about 20% of the participants’ total estimated damages, according to the motion.

The year-old lawsuit claims the Grifols plan paid unreasonably high fees for recordkeeping and managed account services. Plan fiduciaries are also accused ...