Reliance Trust OK’d For $40 Million Insperity 401(k) Settlement

Reliance Trust Co.'s $39.8 million settlement with participants in Insperity Inc.'s $2 billion 401(k) plan received preliminary approval from a federal judge in Atlanta, ending a class challenge to the plan’s fees and investment options.

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, who hasn’t issued a post-trial ruling, granted preliminary approval to the settlement Wednesday.

The five-year-old lawsuit is one of dozens of recent ERISA cases challenging ...