Reliance Trust Inks $40 Million ERISA Deal Over Insperity 401(k)

Reliance Trust Co. will pay $39.8 million to settle a class action challenging the fees and investment options in its $2 billion 401(k) plan, the parties told a federal judge in Atlanta.

The settlement, which resolves claims under the Employee Retirement Income Security Act, comes seven months 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. Cohen hasn’t issued a post-trial ruling.

The five-year-old lawsuit is one of dozens of recent ERISA cases challenging companies that offer affiliated funds in their 401(k) plans. This is ...