Musicians' Pension Trustees Strike $27M Deal In ERISA Suit

Law360 (March 25, 2020, 9:25 PM EDT) -- The trustees for a union pension fund have agreed to a settlement worth nearly $27 million to wrap up a proposed ERISA class action from musicians who likened the plan's investment strategy to “drunken gamblers chasing losses.”

In their motion for preliminary approval Wednesday, the musicians told a New York federal court that the agreement represented an “an unambiguous victory” for the plaintiffs leading the Employee Retirement Income Security Act suit and the other participants in the American Federation of Musicians pension plan.

In addition to the $26.85 million payment, the musicians said the settlement calls for “stringent new ‘governance provisions’...

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