WaMu Settles ERISA Claims In MDL For $49M

Law360, New York (August 9, 2010, 5:11 PM EDT) -- A judge has signed off on a $49 million settlement of a class action claiming that bankrupt Washington Mutual Inc. mismanaged its retirement plan's assets by investing in the failed bank's own stock.

Judge Marsha J. Pechman issued preliminary approval of the deal in the U.S. District Court for the Western District of Washington on Friday.

Under the terms of the agreement, first proposed by the plaintiffs in June, the $49 million settlement fund will be distributed to a class of everyone who was a participant...
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