Wal-Mart Stores Inc., the largest U.S. private employer, andMerrill Lynch won a judge's final approval to pay $13.5 million tosettle claims the retailer's employees were charged excessive401(k) fees.

U.S. District Judge Gary A. Fenner in Missouri approved theaccord at a hearing today, according to the court docket. MerrillLynch, the plan's trustee, now part of Bank of America Corp., willpay $10 million and Bentonville, Arkansas-based Wal-Mart will pay$3.5 million.

The docket entry said the “court orally grants motion forapproval of class action settlement” and “written order to beissued.”

In 2009, a U.S. appeals court overturned Fenner's decision theprevious year throwing out the suit. Wal-Mart was accused in thesuit of failing to offer retirement plans that limit the amount offees and expenses that are charged when employees makeinvestments.

The complaint also included an allegation that the improperadministration of the plans cost participants more than $60million. The class-action, or group, lawsuit was filed by Wal-Martemployee Jeremy Braden.

“We're pleased to have settled the matter,” Greg Rossiter, aWal-Mart spokesman, said in a phone interview.

Bill Halldin, a spokesman for Charlotte, North Carolina-basedBank of America, said the bank was pleased to resolve the case “andcontinue to provide a high-quality plan for Walmart employees.”

Gretchen Obrist, a lawyer for the plaintiffs, didn't immediatelyrespond to an e-mail seeking comment.

The case is Braden v. Wal-Mart Stores Inc., 08-cv-3109, U.S.District Court, Western District of Missouri.

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