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Westlaw News

Neuberger Berman 401(k) committee reaches $17 mln settlement over underperforming fund

A committee overseeing Neuberger Berman’s 401(k) retirement plan reached a $17 million settlement to resolve claims it breached its fiduciary duties to employees by letting them invest large sums in a fund that suffered from high fees and “abysmal performance.”

A preliminary settlement with the Neuberger Berman Group 401(k) Plan Investment Committee was filed late Wednesday in Manhattan federal court, and requires approval by U.S. District Judge Laura Taylor Swain.

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