Hess Corp. Strikes $850,000 Deal in 401(k) Target-Date Fund Suit

Hess Corp. agreed to pay $850,000 to settle a proposed class action by workers challenging the T. Rowe Price target-date funds offered by their 401(k) plan.

The proposed deal would benefit more than 6,000 people covered by the Hess 401(k) plan since February 2018. It represents nearly 70% of the workers’ “best-case damages recovery” on their pending claims, according to a Monday motion seeking preliminary approval for the deal.

• The lawsuit accused Hess, an energy company that was acquired by Chevron Corp. earlier this year, of offering pricey 401(k) investments, including target-date funds from non-party T. Rowe Price
• Judge James ...