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Bessemer Trust to pay $5 million to settle retirement plan lawsuit

Posted On: Mar. 21, 2023 10:06 AM CST

Bessemer Trust Co. has agreed to pay $5 million to settle a lawsuit by former participants in a company 401(k) plan, who alleged plan executives violated ERISA by favoring the company's mutual fund business, Pensions & Investments reports. The plaintiffs contended that Bessemer's heavy use in its 401(k) plan of investments from its Old Westbury mutual fund business was imprudent and an ERISA violation.