The class action suit claimed the Tewksbury-based grocery chain mismanaged its retirement plan for employees by making super-conservative investments
The company that operates Market Basket has agreed to pay $17.5 million to settle a class action lawsuit that claims it mismanaged its retirement plan for employees by making super-conservative investments.
Demoulas Super Markets Inc. has also agreed to change the way it manages its plan, according to a proposed settlement filed in federal court in Boston earlier this month. Going forward, no more than 10% of the plan’s assets would be held in cash or cash equivalent accounts, and the plan would increase its annual return target by 100 basis points, or 1%.
Source: NBC 10