Packaging Corp. Wins First Approval for $1.3 Million 401(k) Deal

Packaging Corp. of America received initial court approval for a $1.3 million class settlement with workers who challenged the box manufacturer’s 401(k) plan fees and investment options.

Judge Hala Y. Jarbou of the US District Court for the Western District of Michigan granted preliminary approval to the deal on Monday. She scheduled a Feb. 6, 2024, hearing to further evaluate the agreement.

The settlement, which is expected to benefit more than 9,000 people, represents about 13% of the plan participants’ total estimated losses and is “on par” with other court-approved deals in cases filed under the Employee Retirement Income Security ...