401(k) Admin, Neuberger Settle Revenue Sharing Suit

Law360, New York (June 24, 2009, 12:00 AM EDT) -- One-time Lehman Brothers Holdings Inc. subsidiary Neuberger Berman Management LLC has settled a proposed class action that a pension fund administrator launched against it and Hartford Life Insurance Co. over an alleged kickback scheme involving employee retirement plans.

A telephone systems distributor filed a motion Tuesday in the U.S. District Court for the District of Connecticut, seeking court approval for a settlement that would allocate $225,000 to a subclass of hundreds of fellow pension fund administrators.

Although the settlement is “modest in comparison to the relief...
To view the full article, register now.
Law360 Pro Say Podcast
Check out Law360's new podcast, Pro Say, which offers a weekly recap of both the biggest stories and hidden gems from the world of law.