Takeda Pharmaceuticals’ $22 Million 401(k) Deal Wins Court Nod

Takeda Pharmaceuticals USA Inc. on Friday received final approval for a $22 million class settlement with workers challenging the target date funds in their 401(k) plan.

The settlement is expected to benefit about 8,000 people covered by Takeda’s $1.8 billion 401(k) plan. It requires the company to use a competitive bidding process to look for a new plan recordkeeper and to schedule annual trainings for plan fiduciaries.

Judge William G. Young of the US District Court for the District of Massachusetts signed the final approval order. Young also ruled on the plan participants’ request for about $7.4 million in ...