Philadelphia-based engineering company CDI Corp. received early approval from a federal judge for a $1.8 million class settlement to end litigation over its 401(k) plan fees.
The deal is expected to benefit more than 4,100 people covered by the company’s $263 million retirement plan. It resolves allegations that CDI failed to implement a proper system for evaluating the plan’s investment options, which caused the plan to offer expensive, actively managed funds and retail share classes in lieu of cheaper and better performing alternatives.
Magistrate Judge Timothy Rice of the U.S. District Court for the Eastern District of Pennsylvania signed the ...