KPMG $650,000 Retirement Plan Settlement Nabs Final Approval

KPMG LLP received final approval for a $650,000 class settlement with employees challenging their 401(k) plan’s investment options.

The agreement covers about 50,000 people who participated in KPMG’s retirement plan since October 2015. It represents about 17% of the employees’ “best-case outcome” in the litigation, according to their settlement motion.

Magistrate Judge Michael A. Hammer signed off on the deal in an order docketed Tuesday. Hammer also awarded class counsel nearly $275,000 in attorneys’ fees and expenses, and he approved $10,000 case contribution awards to each of the three named plaintiffs.

The lawsuit says KPMG chose expensive share classes ...