Knight-Swift Agrees to Pay $3 Million to Settle 401(k) Lawsuits

Knight-Swift Transportation Holdings Inc. signed a $3 million class settlement aimed at resolving a pair of lawsuits challenging how it manages its 401(k) plan.

The proposed agreement is set to benefit a certified class of about 23,000 people covered by the trucking company’s retirement plan since October 2016, representing about 49% of their “estimated supportable losses,” according to a Thursday motion asking Judge Roslyn O. Silver to preliminarily approve the deal.

• The deal is aimed at resolving two lawsuits involving the Knight-Swift plan: one claiming the plan’s fees are too high, and one saying the company wrongly uses 401(k) forfeitures ...