US Bank Strikes Tentative Deal To End Retirees' ERISA Suit

Law360 (June 23, 2021, 6:16 PM EDT) -- A group of about 3,300 retirement plan participants struck a deal with U.S. Bank to tie up an Employee Retirement Income Security Act lawsuit claiming early retirees had their pension benefits unfairly pared down, according to a Wednesday court filing.

The agreement was referenced in a text-only docket entry in Minnesota federal court, which canceled a hearing and said the parties had reached a "tentative settlement."

The case revolves around the formula that U.S. Bank's parent company used to calculate retirement benefits for people who retired between the ages of 55 and 65, court documents show.

In the early 2000s, plan...

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