USC’s $13 Million Retirement Plan Settlement Clears Final Hurdle

University of Southern California workers challenging their retirement plan received final approval for a $13 million class settlement, including $25,000 payments for each of the eight class representatives.

The deal is expected to benefit nearly 60,000 people covered by the USC retirement plan between 2010 and 2022, according to the plan participants’ settlement motion. It also requires the school to instruct its plan recordkeepers that they can’t use participant data to sell or market unrelated services, and to conduct a detailed search for recordkeeping and administrative service providers.

Judge Virginia A. Phillips of the US District Court for the ...