Konica Minolta 401(k) Plan Fee Class Action Settles for $900,000

Konica Minolta Business Solutions USA Inc. negotiated a $900,000 class settlement with employees challenging their retirement plan’s fees and investment options.

The proposed deal would resolve an 8,000-person class action covering the Konica Minolta plan’s participants and beneficiaries since June 2014. The settlement amount represents about 70% of what the class members could expect to receive if they prevailed at trial, according to a Dec. 13 motion asking that the deal receive preliminary court approval.

• The four-year-old lawsuit, which is assigned to Magistrate Judge Jessica S. Allen of the US District Court for the District of New Jersey, says the ...