Bloomberg-

Deutsche Bank Americas Holding Corp. agreed to pay $21.9 million to settle claims that it mismanaged its employees’ retirement savings by offering proprietary, expensive, and underperforming investment options in its 401(k) plan.

The proposed settlement, if approved, would be the largest reached by a financial company facing similar claims.

More than two dozen financial companies have been sued in the past several years by workers accusing them of adding affiliated, high-fee, poorly performing funds in the 401(k) plans at their expense. Deutsche is the sixth company to settle similar claims, following American Airlines Group Inc. ($22 million), Allianz SE ($12 million), TIAA ($5 million), New York Life Insurance Co. ($3 million), and Principal Life Insurance Co. ($3 million). So far, Wells Fargo andCapital Group have been the only companies that have defeated these lawsuits.

[BLOOMBERG]

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