Swinerton 401(k) Plan Fee Challenge Settles for Nearly $500,000

California construction company Swinerton Inc. agreed to pay $497,500 to settle a lawsuit over its 401(k) plan’s administrative fees after failing to get the case dismissed last year.

The proposed deal is expected to benefit about 6,000 people covered by the Swinerton plan since August 2018. It represents about 22% of the total estimated losses they demanded during mediation, according to a Tuesday motion seeking preliminary settlement approval from Judge Jacqueline Scott Corley of the US District Court for the Northern District of California.

• Corley previously ruled that the case was viable under the US Court of Appeals for the Ninth ...