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Wal-Mart 401(k) Accord Approved

Retailer and Merrill Lynch to pay $13.5 mln to settle claims of excessive 401(k) fees.

By Thom Weidlich, Bloomberg | Updated on March 08, 2012

Wal-Mart Stores Inc., the largest U.S. private employer, and Merrill Lynch won a judge’s final approval to pay $13.5 million to settle claims the retailer’s employees were charged excessive 401(k) fees.

U.S. District Judge Gary A. Fenner in Missouri approved the accord at a hearing today, according to the court docket. Merrill Lynch, the plan’s trustee, now part of Bank of America Corp., will pay $10 million and Bentonville, Arkansas-based Wal-Mart will pay $3.5 million.

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