Oracle Settles 401(k) Participants' ERISA Suit On Day Of Trial

Law360 (December 4, 2019, 6:06 PM EST) -- A bench trial between Oracle Corp. and a group of its 401(k) plan participants was scrapped Tuesday after the two sides said they’d agreed to settle the group’s Employee Retirement Income Security Act class action.

A Colorado federal judge concluded what would have been the first day of trial just five minutes after it started, when attorneys for both sides notified the court of a preliminary settlement agreement, according to court records. The trial has been vacated pending further order.

"We are pleased that the this settlement will enable employees and retirees of Oracle to receive compensation and build their retirement...

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