Judge OKs ERISA Suit Class Certification, Won’t Approve $79M Settlement Agreements

Mealey's (August 24, 2021, 3:10 PM EDT) -- NEW YORK — A federal judge in New York on Aug. 17 denied preliminary approval to proposed class action settlement agreements totaling $48.5 million in retirement plan participants’ suit alleging Employee Retirement Income Security Act violations by their employer and plan fiduciaries, including a third-party investment adviser, citing an injunctive provision to which the U.S. secretary of Labor objected; the judge also granted what is often referred to as “mandatory” class certification over the objections of plan participants who elected to take part in other suits or pursue arbitration of their claims....

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