Xerox’s $4.1 Million Deal Over In-House 401(k) Services Approved

Xerox Corp. received final approval for a $4.1 million class settlement with employees who said the company mismanaged their 401(k) plan by using a pricey in-house recordkeeper.

The deal, which provides class members with about 29% of their total estimated damages, covers about 36,000 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 granted final approval to the deal in an order issued Tuesday in ...