Lowe’s OK’d for $12.5 Million 401(k) Deal as Aon Awaits Ruling

Lowe’s Cos. Inc.'s $12.5 million settlement with a class of participants in its 401(k) plan received final approval from a North Carolina federal judge, resolving part of a lawsuit challenging the plan’s move to an underperforming fund from Aon Hewitt.

Judge Kenneth D. Bell of the U.S. District Court for the Western District of North Carolina on Thursday granted final approval to the deal, which is expected to benefit about 73,000 people who invested in the Aon Growth Fund through Lowe’s 401(k) plan. The settlement also requires Lowe’s to use a competitive bidding process to hire an investment manager ...