Walmart, the world’s largest private employer, and Merrill Lynch, without admitting to wrongdoing, have agreed to pay $13.5 million in a class-action lawsuit accusing them of breaching their fiduciary duty to 2 million past and present Walmart workers. The suit was settled in Kansas City federal court.
Walmart told the court it would remove funds with high fees from its plan, bolster financial education and “further its goal to offoer investment options with fees that are reasonable.”
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Lee Barney writes for Money Management Executive.