KPMG Employees’ $650,000 401(k) Settlement Gets First Approval

KPMG LLP’s $650,000 class settlement with employees challenging their 401(k) plan’s investment options received initial approval from a federal magistrate judge in New Jersey.

The deal 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 of the US District Court for the District of New Jersey signed the preliminary approval order Monday. He scheduled a July 22 hearing to further evaluate the deal.

The lawsuit says KPMG chose expensive share classes for certain ...