Smith & Nephew Settles 401(k) Fee, Forfeiture Suit for $350,000

Medical technology company Smith & Nephew Inc. agreed to pay $350,000 to settle a proposed class action challenging its 401(k) plan’s managed account fees and how it handles the money forfeited by departing employees.

The proposed deal, which is expected to benefit more than 9,000 people covered by the Smith & Nephew plan since August 2018, represents about 18.4% of the plaintiffs’ settlement demand with respect to the plan’s managed account fees. It also requires the company to look for a new managed account provider by the end of 2027, according to a Feb. 13 motion seeking preliminary settlement approval ...