Xerox, Workers Strike Deal in In-House 401(k) Provider Lawsuit

Xerox Corp. plans to settle litigation by a proposed class of workers who say their $4.3 billion 401(k) plan is managed by an expensive, in-house record keeper, a filing in Connecticut federal court shows.

The parties engaged in private mediation and reached an agreement to resolve the Employee Retirement Income Security Act lawsuit on a classwide basis, they told Judge Sarala V. Nagala in an Oct. 14 filing. They requested a Dec. 16 deadline to submit the deal for preliminary approval.

The lawsuit, pending in the US District Court for the District of Connecticut, claims that Xerox entered the retirement ...