Kimberly-Clark Workers Negotiate $2.25 Million 401(k) Settlement

Kimberly-Clark Corp. agreed to pay $2.25 million to settle a lawsuit by workers who say their 401(k) plan charges excessive fees.

The deal is expected to cover about 25,000 plan participants and beneficiaries since April 2015. It represents about 15% of the workers’ maximum estimated losses in the case, according to a motion seeking preliminary settlement approval filed Monday in the US District Court for the Northern District of Texas.

The three-year-old lawsuit says Kimberly-Clark, a manufacturer of personal care products, including diapers and paper towels, mismanages its 401(k) plan by failing to rein in administrative fees and cobbling together ...