Lowe’s Inks $12.5 Million 401(k) Deal; Aon Claims Set for Trial

June 1, 2021, 2:37 PM

Lowe’s Cos. Inc. will pay $12.5 million to settle class claims challenging its decision to move 401(k) assets to an underperforming fund from Aon Hewitt, court papers filed in the Western District of North Carolina show.

The settlement, announced May 28 in the U.S. District Court for the Western District of North Carolina, 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 deal doesn’t resolve investors’ pending claims against Aon, which ...

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