Omnicom Group 401(k) Class Suit Settles for Nearly $2.5 Million

Marketing firm Omnicom Group Inc. will pay $2.45 million to settle a class action challenging the fees and target date funds in its employees’ 401(k) plan.

The settlement is slated to provide 35,000 plan participants with about half of their “realistically achievable” damages, according to a settlement motion filed June 23 in the US District Court for the Southern District of New York.

The deal resolves a lawsuit accusing Omnicom of filling its $2.7 billion retirement plan with expensive and underperforming funds, including a suite of actively managed target date funds from Fidelity Management Trust Co., which isn’t named as ...