A trade association representing more than 900 local electric cooperatives and public utility districts got approval from a federal judge in Virginia for a $10 million class settlement in a lawsuit challenging the fees tied to its 401(k) plan.
The deal is expected to benefit about 93,000 people who invested retirement money in the National Rural Electric Cooperative Association’s 401(k) plan. It received preliminary approval Thursday from Judge Liam O’Grady of the U.S. District Court for the Eastern District of Virginia.
The settlement, if finally approved, would resolve a lawsuit accusing the association of mismanaging its 401(k) plan by allowing ...
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