Walgreens’ $13.75 Million 401(k) Class Deal Clears First Hurdle

Walgreen Co. received early approval for a $13.75 million class settlement in a lawsuit challenging a suite of target date funds from Northern Trust held in the pharmacy’s 401(k) plan, according to a ruling by a federal judge in Chicago.

The settlement, which is expected to benefit a class of nearly 200,000 people, is about 40% of the $34 million in estimated damages calculated by the plan participants’ expert, the parties say. Walgreens has already removed the challenged funds from its 401(k) plan and will use an investment adviser to provide ongoing investment monitoring services for the next three years, ...