Northern Trust $6.9 Million Target Date Fund Settlement Gets Nod

Northern Trust Co.'s $6.9 million class settlement over the in-house target date funds in its employees’ 401(k) plan received initial approval from a Chicago federal judge.

The deal is slated to benefit about 14,000 people covered by the Northern Trust retirement plan who held the company’s target date funds in their accounts since June 2015. It represents between 12% and 38% of the participants’ estimated damages, according to their settlement motion.

Magistrate Judge Keri L. Holleb Hotaling of the US District Court for the Northern District of Illinois signed the preliminary approval order Tuesday. She also instructed the parties ...