Reliance Trust $40 Million Insperity 401(k) Settlement Approved

Reliance Trust Co.'s $39.8 million settlement with participants in Insperity Inc.'s $2 billion 401(k) plan received final approval Tuesday from a federal judge in Atlanta, as did an award of nearly $14 million in attorneys’ fees and expenses for the participants’ lawyers.

The settlement, which resolves a class challenge to the plan’s fees and investment options, comes after the parties completed a two-week, non-jury trial before Judge Mark H. Cohen in the U.S. District Court for the Northern District of Georgia in March 2020. Cohen hasn’t issued a post-trial ruling in the case.

The five-year-old lawsuit is one of dozens ...