GWA Finalizes $7.9 Million Settlement Over 401(k) Investments

GWA LLC and its founder George A. Weiss received final approval for a $7.9 million class settlement with employees challenging the proprietary investments in the hedge fund manager’s retirement plan.

The settlement is expected to give about 200 class members an average gross payment of about $40,000 each, representing up to 36% of their estimated losses. Judge Omar A. Williams granted final approval to the deal and awarded class counsel more than $2.8 million in attorneys’ fees and costs in an order issued Sept. 19 in the US District Court for the District of Connecticut.

• The lawsuit claimed the entirety ...