Koch Industries to Pay $4 Million in Retirement Plan Class Suit

Koch Industries Inc. will pay $4 million and look for a new retirement plan record keeper as part of a class action settlement in a lawsuit challenging the plans’ administrative fees, papers filed in the Northern District of Georgia show.

The deal is expected to benefit about 101,000 people who were covered by three retirement plans affiliated with Koch Industries. In addition to the monetary payment, the company agreed to put the plan’s record-keeping services up for competitive bidding within 180 days of the settlement’s effective date, according to paperwork filed Monday in the U.S. District Court for the Northern ...