Xerox’s $4.1 Million Deal Over In-House 401(k) Provider Gets Nod

Xerox Corp. workers who said their 401(k) plan was managed by a pricey in-house recordkeeper received initial approval for a $4.1 million settlement covering about 36,000 people.

The deal, which provides class members with about 29% of their total estimated damages, covers plan investors between August 2015 and January 2021, when the plan switched to a different recordkeeper. It also requires Xerox to retain an independent consultant to help ensure the plan’s recordkeeping fees remain competitive, according to the settlement motion.

Judge Sarala V. Nagala of the US District Court for the District of Connecticut signed the preliminary approval ...