M&T Bank Workers Get Initial OK Of $21M ERISA Deal

Law360 (April 14, 2020, 7:14 PM EDT) -- A New York federal magistrate judge gave his blessing Tuesday to a nearly $20.9 million settlement to resolve an Employee Retirement Income Security Act suit claiming M&T Bank Corp. stuffed its workers' 401(k) plan with the company's own costly investment products.

U.S. Magistrate Judge Jeremiah J. McCarthy granted preliminary approval of the $20.85 million deal, finding that it was inked after arms-length talks between experienced attorneys.

The judge also granted preliminary approval — for settlement purposes only — to a class consisting of people who participated in or were beneficiaries of the plan between May 11, 2010, and Sept. 30, 2019....

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