Level 3 Strikes $3.2M Deal To End ERISA Action

Law360, New York (November 14, 2011, 7:24 PM EST) -- Communications services provider Level 3 Communications Inc. on Monday agreed to shell our $3.2 million to settle a putative class action claiming it negligently managed its employees' retirement plan by investing imprudently in company stock.

The plaintiffs asked a Colorado federal court to preliminarily approve the deal and to certify a settlement class comprised of participants or beneficiaries in the company's 401(k) plan between Feb. 8, 2007, and Dec. 22, 2009, whose accounts included investments in company stock.

The plaintiffs' motion called the $3.2 million “an...
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