Walmart, the world’s largest private employer, and Merrill Lynch, without admitting to wrongdoing, have agreed to pay $13.5 million in a class-action lawsuit accusing them of breaching their fiduciary duty to two million past and present Walmart workers. The suit was settled in Kansas City federal court.
Walmart told the court it would remove funds with high fees from its plan, bolster financial education and “further its goal to offer investment options with fees that are reasonable.”
This article originally appeared in Money Management Executive, a Source Media publication.
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