Liberty Mutual Settles 401(k) Class Action, Averting Jury Trial

Liberty Mutual Group Inc. agreed to settle a 50,000-person class action over its 401(k) plan management less than a month before the case was scheduled for a rare jury trial.

The parties asked Judge Mark G. Mastroianni for a 30-day pause on all case deadlines so they can finalize settlement paperwork. Their notice, filed Thursday in the US District Court for the District of Massachusetts, comes about three weeks before jury selection was slated to begin.

Jury trials in Employee Retirement Income Security Act cases are rare, with many courts ruling that these lawsuits seek equitable remedies that ...