Verisk Subsidiary Gets First OK for $4 Million ERISA Settlement

A $4 million class settlement benefiting Insurance Services Office employees received initial court approval, paving the way for resolution of a lawsuit saying the company’s retirement plan is filled with overly expensive investments that cost workers’ millions.

The agreement is slated to benefit about 7,787 people covered by the Verisk Analytics Inc. subsidiary’s 401(k) plan since 2014. It represents about 10% of the plan participants’ maximum potential damages, and it requires the company to conduct a formal search for a new plan recordkeeper within five years, according to the settlement motion.

Magistrate Judge André M. Espinosa of the US ...