Iron Mountain’s $850,000 401(k) Plan Settlement Clears Hurdle

Massachusetts information management company Iron Mountain Inc. received preliminary approval for an $850,000 settlement with workers who said their 401(k) plan charges excessive fees and mishandles forfeited contributions.

The deal covers about 34,500 plan participants and beneficiaries since May 2018 and represents about 17.7% of their estimated losses, according to the settlement motion. Judge George A. O’Toole Jr. granted preliminary approval to the deal in an electronic order docketed Jan. 17 in the US District Court for the District of Massachusetts; he also scheduled a July 9 fairness hearing.

• The eight-month-old lawsuit says Iron Mountain’s 401(k) recordkeeping fees were ...