Nova Southeastern Cleared for $1.5 Million Retirement Settlement

Nova Southeastern University Inc.'s $1.5 million class settlement with workers received final court approval, resolving litigation over the school’s retirement plan’s fees and investment options.

The settlement represents about 42% of the workers’ potential recovery and requires the school to look for a new 401(k) recordkeeper and to submit the plan’s investment lineup to outside review. It’s aimed at resolving litigation saying Nova’s plan, which covered about 6,300 people as of 2021, offers poorly performing investments while overpaying for administrative services.

• Judge William P. Dimitrouleas of the US District Court for the Southern District of Florida signed the final approval ...