Huntington Bancshares Settles ERISA Suit For $10.5M

Law360 (August 10, 2020, 11:19 AM EDT) -- Huntington Bancshares Inc. has struck a $10.5 million deal to settle a proposed class action that challenges its decision to make allegedly underperforming company-owned mutual funds the centerpiece of its 401(k) plan.

A group of participants in Huntington's 401(k) plan presented the deal to an Ohio court on Friday in a motion for preliminary approval of the class action settlement. If approved, the deal would require Huntington to place $10.5 million in a settlement fund, to be distributed to approximately 38,851 class members after attorney fees, case expenses and payments to the lead plaintiffs, according to a memorandum in support of...

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