WASHINGTON, Nov 21 (Reuters) – A group of major asset and wealth management firms has agreed to pay $25.5 million to resolve claims in U.S. court that they conspired to restrict job mobility and suppress wages for thousands of financial professionals.
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American Century and another defendant, Montage Investments, previously reached non-prosecution agreements with the U.S. Justice Department over related allegations, according to the filing.
In a statement, American Century said it was pleased to resolve the workers’ lawsuit in Kansas and “remains committed to fair and honest competition in compliance with all laws and regulations.”
A lawyer for Mariner Wealth and Montage did not immediately respond to a request for comment, and neither did lead attorneys for the plaintiffs.
The asset and wealth management firms denied any wrongdoing.
The plaintiffs said the Mariner defendants have about $65.9 billion in assets under management and the American Century defendants manage about $230 billion in assets.
The plaintiffs said the settlement offers significant and immediate relief and avoids the risk and costs of continuing litigation.
Settlement payments will be based on factors including length of employment, the court papers showed.
Lawyers for the plaintiffs estimated an average payout of about $3,700 per person. Eligible employees will receive payments automatically.
The settlement also said the plaintiffs’ lawyers will ask for up to one-third of the fund for legal fees, or about $8.5 million.
The case is Jakob Tobler et al v. 1248 Holdings LLC, U.S. District Court for the District of Kansas, No. 2:24-cv-02068-EFM-GEB.
For plaintiffs: George Hanson of Stueve Siegel Hanson, and Rowdy Meeks of Rowdy Meeks Legal Group
For Mariner: Jonathan King of DLA Piper
For American Century: John Schmidtlein of Williams & Connolly
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Reporting by Mike Scarcella
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