Jack Henry Gets Judge’s Nod For $1.6 Million 401(k) Settlement

Jack Henry & Associates Inc. employees received initial approval for a $1.6 million class settlement aimed at ending litigation over the financial technology company’s 401(k) plan fees.

The deal is slated to benefit more than 8,000 people covered by the company’s retirement plan since October 2017. It represents an $800,000 payment for plan participants’ claims of high administrative fees—about 26% of their maximum potential damages on this claim—along with an $800,000 payment for their challenge to the plan’s stable value fund, which they said carried “uncertain” damages.

• Judge Stephen R. Bough of the US District Court for the Western District ...