Judge OKs $3M Deal In PFF Bancorp ERISA Action

Law360, New York (February 3, 2011, 3:16 PM EST) -- A bankruptcy judge has signed off on a $3 million dollar settlement that resolves a class action accusing PFF Bancorp Inc. of violating the Employee Retirement Income Security Act by imprudently investing pension plan funds in its own stock.

Judge Kevin J. Carey of the U.S. Bankruptcy Court for the District of Delaware on Wednesday gave his approval for the deal to resolve a consolidated ERISA class action that was lodged against PFF Bancorp before the company filed for bankruptcy in December 2009.

The judge overseeing...
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