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SEI agrees to settle class-action suit related to 401(k) plan

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SEI agrees to settle class-action suit related to 401(k) plan

Under a preliminary agreement, Oaks, Pa.-based SEI Investments Co. has agreed to give about 5,600 current and former participants of its 401(k) plan a total of $6.8 million to settle a class-action lawsuit accusing plan executives of breaching their fiduciary duties, Pensions&Investments reported.

Gordon Stevens, a former participant in SEI's 401(k) plan, sued the company in September 2018, claiming that 12 of the 13 investment options under the plan, as well as a target-date series, were proprietary SEI products.

The agreement, subject to court approval, also requires SEI to have its investment committee members be trained on the fiduciary duties under the Employee Retirement Income Security Act, according to the news outlet. It also details that SEI will continue to work with an unaffiliated investment consultant to look into the plan's investment lineup and policy.