State Street’s $4.3 Million Deal in 401(k) Row Gets First Nod

A $4.3 million class action settlement between State Street Corp. and its employees asserting ERISA claims got preliminary approval from a federal judge.

The workers said that their 401(k) plans were filled with pricey in-house funds despite the availability of better performing and less risky funds from competitors. They sought preliminary approval from the US District Court for the District of Massachusetts in February. Many financial companies have settled allegations — to the tune of hundreds of millions of dollars — that they put their own funds in their employees’ retirement plans.

• “The settlement is sufficiently fair, reasonable, and ...