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Lowe’s Cleared for $12.5 Million Deal in Aon 401(k) Fund Suit

June 10, 2021, 2:48 PM

Lowe’s Cos. Inc. got early approval for a $12.5 million class settlement in a case challenging its decision to move 401(k) assets to an underperforming fund from Aon Hewitt, according to a North Carolina federal judge’s order.

The settlement, which received preliminary approval Wednesday from Judge Kenneth D. Bell, is expected to benefit about 73,000 people who invested in the Aon Growth Fund through Lowe’s 401(k) plan. It also requires Lowe’s to use a competitive bidding process to hire an investment manager for the plan.

The settlement doesn’t resolve 401(k) investors’ claims against Aon, which are scheduled to be ...

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