Genentech 401(k) Recordkeeping Fee Class Gets Judge’s Early OK

Biotechnology and pharmaceutical company Genentech Inc. would pay $250,000 to settle claims that its 401(k) plan paid excessive recordkeeping fees under a proposed settlement preliminarily approved Thursday.

Judge Richard Seeborg for the US District Court for the Northern District of California during a motion hearing said he’d tentatively OK the settlement with the biotech company in the 30,000-person class action and issue an order later.

• Class members alleged the Roche Group-member mismanaged its $12 billion 401(k) plan by paying excessive recordkeeping fees and offering a suite of customized target date funds that underperformed competitors
• The settlement announced last November “preserves ...