Excessive Fees Settlement Between 401(k) Participants, CIGNA, PRIAC Is Approved

URBANA, Ill. - A federal judge in Illinois on July 3 granted preliminary approval of a $35 million settlement between participants in Cigna Corp.'s 401(k) plan, Cigna and Prudential Retirement Insurance and Annuity Co. (PRIAC) on the participants' claims that the defendants violated their fiduciary duties under the Employee Retirement Income Security Act by profiting from the investment options and service providers selected for the plan and by offering imprudent funds as investment options (Kim Nolte, et al. v. Cigna Corp., et al., No. 07-2046, C.D. Ill.).

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