Verizon’s $30 Million 401(k) Hedge Fund Settlement Gets First OK

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

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

Judge Paul G. Gardephe of the US District Court for the Southern District of New York granted preliminary approval to the settlement in an order docketed Thursday. He scheduled a Nov. 16 fairness hearing to further evaluate ...