US Bancorp Settles for $250,000 With 93,000 Retirement Investors

US Bancorp signed a $250,000 settlement aimed at resolving a challenge to its 401(k) plan fee levels that was brought on behalf of a proposed class of about 93,000 people.

The settlement amount represents about 26% of the total losses demanded by the plaintiffs after the parties completed fact discovery, they told Judge Patrick J. Schiltz in a Monday motion seeking preliminary approval for the deal.

• The lawsuit challenges the US Bancorp plan’s annual recordkeeping and administrative fees, which participants said were excessive at about $29 per person
• Schiltz, who sits in the US District Court for the District of ...