Ventura Foods Inks Settlement in Would-Be Class Suit Over 401(k)

Condiment maker Ventura Foods LLC plans to settle a proposed class challenging the fees and investment options in its employees’ 401(k) plan.

The parties reached an agreement during a session with a third-party mediator and plan to file details of the deal for court approval by March 22, they said in a Monday court filing.

The year-old lawsuit says Ventura paid unreasonable fees to retirement plan service providers while offering its employees mutual funds in high-cost share classes and funds that underperformed competitors. The food maker disputed these allegations, saying they were based on “garbage in, garbage out” math, faulty ...