L Brands Cleared for $2.75 Million Class Deal Over 401(k) Fees (2024)

A $2.75 million class settlement between L Brands Inc., the former parent company of Victoria’s Secret, and employees who challenged their 401(k) plan fees and investments received final approval from an Ohio federal court.

The deal resolves allegations that L Brands violated the Employee Retirement Income Security Act by offering expensive investment funds and failing to rein in administrative fees in its workers’ 401(k) plan. It covers more than 67,000 people and represents about 86% of the plaintiffs’ likely damages, according to the settlement motion.

Judge Edmund A. Sargus Jr. of the US District Court for the Southern ...