Verizon Inks $30 Million Deal Over 401(k) Hedge Fund Investment

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

The deal, which is expected to benefit about 160,000 people covered by the Verizon plan, represents between 13 and 29% of the plan participants’ total estimated damages, according to a settlement motion filed in the US District Court for the Southern District of New York.

The parties first announced they’d reached a deal in June, one month before they were scheduled to begin a multi-day trial before Judge Paul G. Gardephe. They came to an agreement following ...