Walmart looks to better 401(k) plan following lawsuit
Wal-Mart Stores said it would offer better financial education and investment options to its associates, following its agreement, along with Merill Lynch, to pay a total of $13.5 million to settle a long-running class-action lawsuit alleging the retailer and its retirement plan administrator breached their fiduciary duty toward nearly 2 million past and present Walmart workers in the company’s 401(k) plan, Forbes.com reported.
According to the report, both Walmart and Merill Lynch claimed no wrongdoing, but Walmart said it would look to offer more reasonably-priced investment options to its employees.
According to the article the settlement would go toward reducing future 401(k) plan fees.
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