USC Workers Get Nod for $13.05 Million Retirement Plan Fee Deal

University of Southern California workers secured preliminary court approval for a $13.05 million class settlement resolving a seven-year legal battle over the fees and investment options in the school’s retirement plan.

The deal is slated to benefit about 30,000 people covered by the USC retirement plan since 2010, according to the plan participants’ settlement motion. The school also pledged to instruct its plan recordkeepers that they can’t use participant data to sell or market unrelated services, and the school agreed to to conduct a detailed search for recordkeeping and administrative service providers and to notify the plan participants’ lawyers ...