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.”
For more information on related topics, visit the following:
Lee Barney writes for Money Management Executive.
Register or login for access to this item and much more
All Financial Planning content is archived after seven days.
Community members receive:
- All recent and archived articles
- Conference offers and updates
- A full menu of enewsletter options
- Web seminars, white papers, ebooks
Already have an account? Log In
Don't have an account? Register for Free Unlimited Access