Wealth management employee class action settlement reaches $25.5m accord

Core Points - A group of wealth management and asset management firms has agreed to a $25.5 million settlement in a class action lawsuit regarding job mobility and remuneration suppression for financial professionals [1][2] - The settlement is pending final court approval and will benefit over 4,400 current and former employees [1][2] - The lawsuit claimed that firms, including Mariner Wealth Advisors and American Century Companies, violated antitrust laws by not recruiting each other's employees [2][4] Company Details - American Century manages approximately $230 billion in assets, while Mariner manages about $65.9 billion [4] - The settlement aims to provide prompt compensation to affected employees and reduce the costs associated with ongoing legal proceedings [4] Settlement Distribution - Settlement payments will be based on employment length, with an estimated average payment of around $3,700 for each eligible employee [5] - Plaintiffs' lawyers are expected to seek up to one-third of the settlement fund, approximately $8.5 million, for legal fees [5]