Salesforce Gets First Nod for $1.35 Million Retirement Plan Deal

Salesforce Inc. workers challenging their 401(k) plan’s fees and investment options received initial court approval for a $1.35 million class settlement.

The deal resolves a class action filed in 2020 over the investment lineup of the 50,000-person Salesforce retirement plan, along with a second lawsuit filed in February that specifically challenges the plan’s target date funds. The settlement amount represents about 13.5% of the plaintiffs’ maximum estimated damages of $10 million, according to the settlement motion.

Judge Maxine M. Chesney of the US District Court for the Northern District of California granted preliminary approval to the deal in an ...