Grifols Shared Services, Workers Settle 401(k) Fee Challenge

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

The parties plan to file details of their class action settlement with the US District Court for the Central District of California by Aug. 31, they said in a joint status report filed Thursday.

The year-old lawsuit claims the Grifols plan, which allegedly covers about 10,550 people, paid unreasonably high fees for recordkeeping and managed account services. Plan fiduciaries are also accused of choosing expensive retail share class mutual funds instead of cheaper ...