Union Elevator Workers Finalize $5 Million Retirement Plan Pact

A $5 million settlement benefiting participants in a retirement plan covering unionized elevator workers received final approval, but the workers’ attorneys are entitled to only some of their requested fees, a federal judge ruled.

The 30,000-person class settlement resolves claims that the Elevator Constructors Annuity & 401(k) Retirement Plan charged administrative fees that are “well above industry standards” while offering funds with needlessly high expense ratios. Judge Michael M. Baylson granted final approval to the deal on Tuesday, after previously ruling that the lawsuit was viable.

• But Baylson, who sits in the US District Court for the Eastern District of ...