Old Dominion Strikes $1.9 Million Deal in 401(k) Plan Fee Suit

Old Dominion Freight Line Inc. will pay $1.9 million to settle a lawsuit by workers challenging the administrative fees in the trucking and transportation company’s 401(k) plan.

The proposed deal is expected to benefit more than 26,000 participants in the Old Dominion plan. It represents about 38% of their estimated potential recovery in the case, they said in a motion asking Judge Thomas D. Schroeder to grant preliminary approval for the deal.

Hundreds of employers have been sued over the fee levels in their 401(k) plans, with recent settlements negotiated by Vituity for $8.75 million, Wesco Distribution Inc. for ...