St. Louis law firm Schlichter Bogard & Denton has agreed to a $24 million settlement with BB&T Bank, a North Carolina bank accused of charging excessive fees on its 401(k) plan.
If the settlement is approved by federal court, the money will go to employees and retirees of the bank. The bank also agreed to make changes in how it administers its 401(k).
Over the last decade-plus, the law firm has filed more than 30 lawsuits on behalf of 401(k) participants alleging excessive fees. It has secured 14 settlements in those cases.
Read more: St. Louis Post-Dispatch