Maersk Plans to Settle Would-be Class Suit Over 401(k) Plan Fees

Maersk Inc. reached a deal to settle a proposed class action challenging the the administrative fees charged by its employees’ 401(k) plan.

Maersk and plaintiff Charlene Leon reached a tentative agreement to settle the seven-month-old lawsuit and plan to submit details of the deal for court approval by June 7, they said in a joint status report filed Tuesday in the US District Court for the Western District of North Carolina.

Leon’s lawsuit says Maersk, a container shipping company, mismanages its $766 million retirement plan by forcing workers to pay average annual administrative fees of $190, when participants in similar ...