IQVIA Workers Nab $3.5 Million Settlement in 401(k) Fee Lawsuit

Health-care researcher IQVIA Inc. signed a $3.5 million class settlement with workers who said their 401(k) plan offered offered pricey and poorly performing Fidelity target date funds.

The deal, which covers a class of employees covered by IQVIA’s retirement plan since 2014, comes about three months before the Employee Retirement Income Security Act lawsuit was scheduled to go to trial. The $3.5 million settlement amount represents about 50% of the “realistically recoverable” damages at trial, an attorney for the workers said in a Wednesday court filing.

The lawsuit was filed in 2020 by former employees of the companies ...