IP Settles 401(k) Fee Suit
International
Paper Co. IP +0.82% has filed a settlement
agreement that will end seven years of litigation over the company’s 401(k)
plan. The company agreed to pay $30 million to the retirement accounts of
current and former employees who had claimed that the plan violated federal
pension law by charging high fees and offering poor investment choices, among
other things. Kelly Greene of The Wall Street Journal broke
the news of the settlement earlier today.
The settlement isn’t huge by the standards of
corporate litigation, and International Paper did not admit to any liability.
