Icon Clinical Research Settles 401(k) Fee Lawsuit for $950,000

Icon Clinical Research LLC will pay $950,000 to settle claims it mismanaged its $523 million 401(k) plan by offering overly expensive investment funds and failing to rein in excessive administrative costs, plan participants told a federal judge in Philadelphia.

The settlement is expected to benefit more than 7,000 people covered by the research company’s retirement plan. It represents about half of the “realistic maximum damages” the plan participants could expect to receive if they went to trial, they said in a settlement motion filed Jan. 28 in the U.S. District Court for the Eastern District of Pennsylvania.

The parties reached ...