Nova Southeastern Retirement Plan Suit Settles for $1.5 Million

Workers covered by Nova Southeastern University Inc.'s retirement plan negotiated a $1.5 million class settlement in their lawsuit challenging its fees and investment options.

The deal, which represents about 42% of the plan participants’ potential monetary recovery in the case, also requires the school to look for a new 401(k) recordkeeper and to have the plan’s investment menu reviewed by an outside consultant, according to a settlement motion filed Tuesday in the US District Court for the Southern District of Florida.

The lawsuit says Nova’s retirement plan, which covered about 6,300 people and held more than $430 million as of ...