Judge OKs $5.4M settlement over Transamerica retirement plan

Local News

The rising sun casts a copper light over the skyline of downtown Denver early on Monday, Dec. 8, 2014. Forecasters predict that temperatures will be in the 50s for most of the week in the intermountain West. (AP Photo/David Zalubowski)

DENVER (AP) — A federal judge has approved a $5.4 million settlement between Transamerica and its current and former employees who accused the company of offering several poor-performing investments in its employee retirement plan.

The money will be divided up between roughly 24,000 people based on how long they invested in the funds and how much money they had invested.

The company that provides investment products and life insurance didn’t immediately respond Tuesday to questions about the settlement.

Transamerica is based in Baltimore, but it has major operations in Cedar Rapids, Iowa, where the lawsuit was filed and in Denver.

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