- Judge certified case as class action earlier this year
- Lawsuit targets investment performance, administrative fees
Konica Minolta Business Solutions USA Inc. plans to settle an 8,000-person class action by employees challenging the fees and investment options in their 401(k) plan.
The parties reached a deal after a private mediation session and plan to file paperwork for court approval by Nov. 29, according to a joint status report filed Tuesday in the US District Court for the District of New Jersey. The report didn’t include details about the terms of the agreement.
The Employee Retirement Income Security Act lawsuit, which had most of its claims advance in 2021, says Konica Minolta’s 401(k) committee mismanaged the $800 ...