BDO, Workers Strike $2.25 Million Deal Over 401(k) Plan Lawsuit

BDO USA LLP reached a $2.25 million class settlement with workers who say the accounting firm mismanaged their $1.2 billion 401(k) plan.

The deal, announced Tuesday in the US District Court for the Northern District of Illinois, is expected to benefit more than 11,289 people covered by the BDO plan since April 2016. It would resolve a two-year-old lawsuit saying BDO filled its 401(k) plan with expensive and poorly performing funds and forced workers to pay annual recordkeeping fees of nearly $86 per person, when a reasonable annual fee would be closer to $35 per person.

BDO’s plan mismanagement ...