Wesco Distribution Inks $2.25 Million Deal in Revived 401(k) Row

Wesco Distribution Inc. signed a $2.25 million class settlement with employees who previously convinced a federal appeals court to revive their lawsuit challenging the company’s retirement plan.

The proposed deal would provide about 8,200 class members with more than 50% of their “realistically recoverable damages,” workers said in a Jan. 24 motion seeking preliminary approval of the settlement. It also reflects Wesco’s three-year pledge to provide annual fiduciary trainings and investment policy reviews, along with its promise to look for a new plan recordkeeper.

• The case, which was appealed after being dismissed three times, challenges the annual administrative fees ...