Vanderbilt To Pay $14.5M In ERISA Class Action Deal

Law360 (April 22, 2019, 9:48 PM EDT) -- Current and former Vanderbilt University employees urged a Tennessee federal judge on Monday to sign off on a deal in which the school will pay $14.5 million to settle claims that its employee retirement plan overcharged participants and invested in poorly performing products.

Vanderbilt and the 40,000-member class of workers reached the settlement in February after a mediation session but didn't reveal details of the deal until Monday's motion for preliminary approval.

The $14.5 million will be used to pay recoveries to the class members, as well as class counsel's attorney fees and the class representatives' compensation. The class is represented...

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