Farmers To Pay Workers $7M To Settle ERISA Action

Law360, New York (March 7, 2012, 12:13 PM EST) -- Farmers Group Inc. agreed Tuesday to pay $6.85 million to settle a class action claiming the company failed to credit employee retirement plans for back wages won in a previous California state court class action.

U.S. District Judge Jacqueline H. Nguyen preliminarily approved the $6.85 million settlement resolving allegations that Farmers violated the Employee Retirement Income Security Act when the company refused to count overtime settlement payments as pension plan contributions.

“The settlement is the product of extensive litigation and arms’ length-negotiations, and ... the court...
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