Oracle Settles 401(k) Fee Class Action on Day of Trial

Oracle Corp. settled a 70,000-person class action challenging the fees and management of its 401(k) plan, the parties told a federal judge in Denver.

The Dec. 3 announcement came the same day the parties were scheduled to begin trial before Senior Judge Robert E. Blackburn of the U.S. District Court for the District of Colorado.

Details of the settlement aren’t yet public.

The lawsuit accuses the California software company of draining more than $40 million from its retirement plan through a bad deal with Fidelity. In March, Blackburn ruled for Oracle on all but two of the case’s pending claims. ...