Nova Southeastern’s Retirement Plan Deal Gets Judge’s Thumbs-Up

Nova Southeastern University Inc.'s $1.5 million class settlement with workers received initial court approval, paving the way for resolution of a lawsuit challenging its retirement plan’s fees and investment options.

The deal, which represents about 42% of the workers’ potential recovery, also requires the school to look for a new 401(k) recordkeeper and to submit the plan’s investment lineup to outside review. It would resolve 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 ...