401(k) Admin, Neuberger Settle Revenue Sharing Suit

Law360, New York (June 24, 2009, 12:00 AM EDT) -- One-time Lehman Brothers Holdings Inc. subsidiary Neuberger Berman Management LLC has settled a proposed class action that a pension fund administrator launched against it and Hartford Life Insurance Co. over an alleged kickback scheme involving employee retirement plans.

A telephone systems distributor filed a motion Tuesday in the U.S. District Court for the District of Connecticut, seeking court approval for a settlement that would allocate $225,000 to a subclass of hundreds of fellow pension fund administrators.

Although the settlement is “modest in comparison to the relief...
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