Judge OKs $5.4M settlement over Transamerica retirement plan

(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 provider of investment products and life insurance said it agreed to the settlement to avoid the cost of litigation.

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