Ricoh USA Settles Pair of 401(k) Plan Lawsuits for $1.75 Million

Ricoh USA Inc. agreed to pay $1.75 million to resolve a pair of lawsuits challenging how the office equipment maker managed its employees’ 401(k) plan.

The proposed deal covers all the plan’s participants and beneficiaries since February 2016, which could amount to more than 18,600 people. It represents between 8% and 21% of the plaintiffs’ estimated damages in the cases, they said in a Thursday motion seeking preliminary settlement approval from Judge Juan R. Sanchez of the US District Court for the Eastern District of Pennsylvania.

• The agreement is aimed at resolving two proposed class actions filed under the Employee ...