Verizon Cleared for $30 Million Hedge Fund 401(k) Settlement

Verizon Communications Inc. received final approval for a $30 million class settlement with workers who challenged a hedge fund investment in the company’s 401(k) plan.

The settlement, which represents between 13% and 29% of the plan participants’ total estimated damages, is slated to benefit about 160,000 people covered by the Verizon plan between 2010 and 2016, according to the settlement motion.

Judge Paul G. Gardephe of the US District Court for the Southern District of New York granted final approval to the deal Tuesday. He also awarded class counsel $10 million in attorneys’ fees and more than $550,000 in ...