Parties in Lawsuit Over Revenue Sharing in 401(k) Plan Agree to Settle | PLANSPONSOR
Parties in a lawsuit alleging BTG International and company officials allowed its Profit Sharing 401(k) Plan recordkeeper to receive excessive and unreasonable compensation through a variety of undisclosed channels have filed a motion for preliminary approval of a settlement agreement.
Under the settlement agreement, "without any admission or concession on the part of the defendants as to the merits" of the lawsuit, the named defendants have agreed to pay $560,000.
