Retailer 99 Cents Only Stores Cleared for 401(k) Plan Settlement

A $750,000 class settlement benefiting employees of 99 Cents Only Stores LLC received final approval, resolving a lawsuit saying the discount retailer’s modest-sized 401(k) plan is plagued by expensive funds and high administrative fees.

The deal covers about 5,700 people who participated in the 99 Cents retirement plan since March 2016. It represents about 25% of the plaintiffs’ estimated damages and will be paid by the company’s insurer, according to a settlement motion filed in the US District Court for the Central District of California.

Judge Sherilyn Peace Garnett granted final approval to the deal in an order docketed Thursday. ...