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McKinsey & Co. Inc. has agreed to pay $39.5 million to settle a class action lawsuit claiming that it had illegally profited from a subsidiary charging excessive fees to manage expensive investment options packed into its employees’ 401(k) plans.

The proposed settlement seeks court approval for the deal, which would benefit some 33,000 people who had invested in McKinsey’s retirement plans, according to an Aug. 10 filing in the U.S. District Court for the Southern District of New York.

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