Benefits & Executive Compensation News

Oracle’s $12 Million Settlement in 401(k) Lawsuit Gets Early OK

March 16, 2020, 5:29 PM

Oracle Corp.‘s $12 million settlement with a class of 70,000 participants in its 401(k) plan received preliminary approval from a federal judge in Colorado, resolving a challenge to the plan’s fees and investment options.

The deal ends four years of litigation between the California software company and employees who said it drained millions from its 401(k) plan through a bad deal with the plan’s record-keeper, Fidelity Management Trust Co. Oracle defeated all but two of the employees’ pending claims in 2019.

Judge Robert E. Blackburn of the U.S. District Court for the District of Colorado signed off on the...

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