Huntington Bancshares Gets OK for $10.5 Million 401(k) Deal

Huntington Bancshares Inc. can pay $10.5 million to settle a lawsuit challenging the affiliated investment funds in its 401(k) plan, a federal judge in the U.S. District Court for the Southern District of Ohio ruled.

The settlement, which received preliminary approval Wednesday from Judge Michael H. Watson, is expected to benefit about 39,000 participants in the company’s 401(k) plan. It resolves a lawsuit that sought to hold Huntington liable under the Employee Retirement Income Security Act for allegedly filling its 401(k) plan with underperforming proprietary mutual funds and paying excessive administrative fees to a subsidiary.

The case is one of ...