In another blow to excessive fees in 401(k) plans, defendants in the Nolte v. Cigna Corp. case have agreed to settle the class-action lawsuit for a record $35 million.
Plaintiffs in the case were current and former participants in CIGNA's own in-house 401(k) plan — the largest plan in CIGNA's retirement division — which CIGNA had sold to Prudential in 2004 for more than $2 billion.
The plaintiffs alleged that CIGNA operated the 401(k) plan not in the best interests of employees, as required by ERISA, but for the benefit of CIGNA's bottom line.
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