Sterling Financial Workers Say $3M Deal In ERISA Suit Is Fair

Law360, New York (March 4, 2013, 4:25 PM EST) -- Workers for Sterling Financial Corp. asked a Washington federal judge Friday to greenlight a $3 million settlement of a proposed Employee Retirement Income Security Act class action accusing the holding company of wrongly sinking company investment plans into Sterling stock when it was tanking, saying the deal is a fair shake.

Named plaintiffs Philip Laue and Lynne Hammond say the proposed settlement merits preliminary approval in light of its presumptive fairness, noting that settlement negotiations have occurred at arm’s length, there has been significant discovery, and...
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