R.R. Donnelley & Sons Inc. will pay $1.2 million to settle an ERISA lawsuit by former employees who criticized the company and its fiduciaries for allegedly charging high record-keeping fees in the company's 401(k) plan.
The class-action settlement's terms were disclosed Dec. 22 in a document submitted to a U.S. District Court in Chicago. An agreement in principle was announced in October with the assistance of a mediator.
A federal district court judge must approve the terms in Tolomeo et al. vs. R.R. Donnelley & Sons Inc. et al.
"Defendants take no position on this motion and do not intend to object," the settlement document said. "However, defendants do not agree with the averments, statements, allegations, and claims stated by Plaintiffs in this memorandum of law" describing the legal dispute.
The plaintiffs sued in December 2020, seeking class-action status. The original complaint was amended four times, and the defendants unsuccessfully petitioned the court to dismiss the complaint.
RR Donnelley Savings Plan, Chicago, had $1.1 billion in assets as of Dec. 31, 2022, according to the latest Form 5500.
