Objection To Proposed ERISA Settlement Should Be Overruled, Plaintiffs Say

Mealey's (October 18, 2019, 9:07 AM EDT) -- NASHVILLE, Tenn. — A Tennessee federal judge should overrule an objection to a proposed $14.5 million settlement of a plan participants’ lawsuit accusing Vanderbilt University, the oversight committee and members of the committee of mismanaging the employee retirement plan because the proposed release of claims against the nonparty service providers does not constitute a prohibited transaction under Employee Income Retirement Security Act, the plaintiffs maintain in an Oct. 11 response to the objection (Loren L. Cassell, et al. v. Vanderbilt University, et al., No. 16-2086, M.D. Tenn.)....