Stantec 401(k) Investors Seek Approval for $2 Million Class Deal

Stantec Consulting Services Inc. will pay $2 million to settle class claims by former employees who say the architecture and engineering firm’s 401(k) plan is plagued by high fees and pricey investments.

The deal, announced Thursday in the US District Court for the District of Arizona, is expected to benefit more than 10,000 people covered by the Stantec retirement plan since September 2014, according to the settlement motion.

The lawsuit says Stantec violated its fiduciary duties under the Employee Retirement Income Security Act by choosing overly expensive funds for its plan when identical options were available at lower cost. ...