Insurance Services Will Pay $4 Million Over 401(k) Fee Challenge

Insurance Services Office agreed to pay $4 million to resolve a proposed class action by workers saying their retirement plan is filled with overly expensive investment options that cost them millions in lost retirement savings.

The agreement, which is slated to benefit about 7,787 people covered by Verisk Analytics Inc. subsidiary’s $1.6 billion 401(k) plan, represents about 10% of the plan participants’ maximum potential damages. It also requires the company to conduct a formal search for a new plan recordkeeper within five years, according to a settlement motion filed Wednesday in the US District Court for the District of New ...