International Paper Co., Memphis, Tenn., agreed to pay current and former employees a total of $30 million to settle a class-action lawsuit in which the company was alleged to have breached its fiduciary duties by charging "excessive fees" for two 401(k) plans, according to a settlement document released Tuesday. In the proposed settlement, International Paper denies wrongdoing. The agreement must be approved by a judge in the U.S. District Court in East St. Louis, Ill., where plaintiffs first sued the company in September 2006. The settlement document didn't cite a timetable for the judicial review. In the case, plaintiffs alleged DC plan executives breached their fiduciary duties by investing "imprudently" in a company stock fund and a large-cap stock fund and paying "excessive" record-keeping fees, according to the settlement document.