Wesco Secures Final Approval for $2.25 Million 401(k) Settlement

Wesco Distribution Inc. and workers challenging the company’s retirement plan fees and funds received final approval for their $2.25 million class settlement, with class counsel securing more than $775,000 in attorneys’ fees and expenses.

The deal is expected to provide about 8,200 class members with more than 50% of their “realistically recoverable damages,” and it requires Wesco to look for a new plan recordkeeper and provide annual fiduciary trainings and investment policy reviews, according to the motion for preliminary settlement approval. Judge Marilyn J. Horan granted final approval to the deal and awarded attorneys’ fees and costs in a ...