Stantec Consulting Announces Class Settlement in 401(k) Fee Suit

Stantec Consulting Services Inc. and former employees challenging the company’s 401(k) plan fees have agreed to a class-wide settlement.

The parties negotiated an agreement that they plan to file for court approval within the next three weeks, they said in a notice filed Monday in the US District Court for the District of Arizona. The notice included no details about the agreement.

The lawsuit, which covers a class of more than 10,000 people, says the architecture and engineering firm violated its fiduciary duties under the Employee Retirement Income Security Act by choosing pricey funds for its retirement plan when identical ...