Suits Over 401(k) Fees Nab $150 Million in Accords Big and Small

The recent explosion in 401(k) fee litigation has spawned more than $150 million in settlements just in suits filed in the past three years, driven by eight-figure deals signed by Wells Fargo & Co., McKinsey & Co., and Walgreen Co., along with more than two dozen smaller deals worth less than $5 million.

Workers challenging their retirement plan fees have filed more than 200 proposed class actions in federal court since 2019. At least 33 of them have culminated in class-wide settlements, with the average deal valued at about $4.7 million and most deals clocking in below ...