Cognizant, Workers Strike Class Deal Over 401(k) Fees, Funds

Cognizant Technology Solutions US Corp. agreed to settle a proposed class action challenging the fees charged by its employees’ 401(k) plan.

The parties are finalizing settlement paperwork and plan to submit the deal for court approval within 90 days, they told Judge Michael E. Farbiarz. Their filing, submitted Monday in the US District Court for the District of New Jersey, didn’t include details about the terms of the agreement.

• The five-year-old lawsuit challenges the Cognizant plan’s administrative fee levels and its suite of target-date funds
• Farbiarz’s prior orders in the case questioned whether the participants had standing to ...