Analog Devices $1.5 Million 401(k) Settlement Scores Early Nod

Analog Devices Inc. received early approval from a California federal court for a $1.5 million class settlement over claims that the 401(k) plan of Linear Technology Corp. overpaid for administrative fees in the years before the companies’ 2017 merger.

The settlement will resolve allegations that the plan’s fiduciaries failed to monitor the plan’s recordkeeping fees and selected high-cost funds despite the ready availability of identical, lower-cost funds. It’s expected to benefit about 3,000 participants in Linear Technology’s $600 million retirement plan by providing them with a “pro rata share” of the recordkeeping fees they paid in excess of $50 per ...