NextEra Energy Will Pay $8 Million to End 401(k) Plan Lawsuit

NextEra Energy Inc. signed an $8 million class settlement aimed at resolving litigation over its 401(k) fee levels and how it handles the plan contributions forfeited by departing employees.

The deal, announced Feb. 27 in the US District Court for the Southern District of Florida, is expected to benefit more than 21,000 people covered by NextEra’s 401(k) plan. It represents about 37% of the plan participants’ total potential damages in the case.

The lawsuit claims the company’s annual 401(k) plan recordkeeping fees were excessive in violation of the Employee Retirement Income Security Act. The plaintiff also says the company ...