Hess Corp. Strikes Class Deal Over 401(k) Plan Target-Date Funds

Hess Corp. reached a class-wide settlement in a lawsuit challenging the T. Rowe Price target-date funds in the 401(k) plan covering its workforce.

The parties announced the settlement in an Oct. 3 court filing that didn’t include details about the terms of the agreement. Plaintiff Joshua Wagner intends to seek preliminary approval of the deal within 30 days, according to the filing.

• The case is assigned to Judge James Wesley Hendrix of the US District Court for the Northern District of Texas, who previously declined to dismiss claims based on the plan’s target-date funds from non-party T. Rowe Price
• But ...