Rural Utility Group, 401(k) Participants Get Preliminary Nod For $10M Settlement

Mealey's (August 11, 2020, 10:16 AM EDT) -- ALEXANDRIA, Va. — A federal judge in Virginia on Aug. 6 granted preliminary approval of a $10 million class action settlement to resolve claims brought by 401(k) plan participants alleging that an association of rural electricity providers violated its duties to loyalty and prudence and committed prohibited transactions under the Employee Retirement Income Security Act through its actions as a recordkeeper and administrator of the retirement plan (Thaddius Intravaia, et al. v. National Rural Electric Cooperative Association, et al., No. 1:19-cv-00973, E.D. Va.)....