Mutual of Omaha’s $6.7 Million 401(k) Deal Clears Final Hurdle

Mutual of Omaha Insurance Co. received final approval for a $6.7 million settlement in a class suit challenging the affiliated investment funds in its 401(k) plan, according to an order issued by a Nebraska federal judge.

The deal, which received no objections, is expected to benefit about 7,000 people with retirement savings invested in the Nebraska-based insurer’s $500 million retirement plan. It resolves a lawsuit claiming the 401(k) plan was with affiliated investment funds that were essentially funds offered by third parties, plus an extra layer of fees that went to Mutual of Omaha.

Senior Judge Joseph F. Bataillon of ...