T. Rowe Price’s $7 Million ERISA Settlement Gets Early Approval

A $7 million settlement between T. Rowe Price Group Inc. and a class of 18,000 people who say the company’s 401(k) plan was filled with expensive, in-house funds received preliminary approval from a federal judge in Maryland.

The deal provides all class members with minimum payments of $20 and additional money based on the size of their investments in the 39 T. Rowe Price funds challenged by the lawsuit, according to the plaintiffs’ settlement motion. The deal requires T. Rowe Price to add a brokerage window to the plan, which the motion says will “allow Plan participants, for the ...