Juniper Networks Signs $3 Million 401(k) Plan Class Settlement

Juniper Networks Inc. agreed to pay $3 million to resolve a federal lawsuit by employees who say the California internet infrastructure company’s 401(k) plan charges excessive fees and offers overly expensive investment options.

The proposed deal is expected to benefit about 11,000 people covered by Juniper’s $1.4 billion 401(k) plan since 2015. It represents more than 11% of the plan participants’ total estimated damages of $26 million, which is “on par” with settlements approved in similar Employee Retirement Income Security Act lawsuits, according to the plaintiffs’ Nov. 11 filing requesting preliminary court approval.

The lawsuit, which was filed last ...