Salesforce to Settle Pair of 401(k) Lawsuits for $1.35 Million

Salesforce Inc. agreed to pay $1.35 million to settle two lawsuits challenging the fees and investment options in the 50,000-person employee retirement plan.

The settlement amount represents about 13.5% of the plaintiffs’ maximum estimated damages of $10 million, according to a motion filed Aug. 23 in the US District Court for the Northern District of California. The deal resolves a class action filed in 2020 over the Salesforce 401(k) plan’s investment lineup, along with a second lawsuit filed in February that specifically challenges the plan’s target date funds.

The parties first announced they’d reached a deal in May, on the ...