Venture Financial Strikes Deal In ERISA Action

Law360, New York (January 25, 2011, 3:37 PM EST) -- Now-defunct Venture Financial Group Inc. has agreed to pay $750,000 to settle a class action alleging its retirement plans improperly invested in company stock, but not before winning a key victory that could impact future cases.

Judge Benjamin H. Settle of the U.S. District Court for the Western District of Washington granted preliminary approval to the settlement Monday, more than a year after former employees at Washington state-based Venture alleged violations of the Employee Retirement Income Security Act.

Venture Bank was closed by regulators in September...
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