WaMu Settles ERISA Class Action For $20M

Law360, New York (July 28, 2010, 1:58 PM EDT) -- Washington Mutual Inc. has agreed to shell out $20 million to settle a class action alleging the bank failed to notify employees that conversion to a cash balance formula diminished their pension benefits.

On Tuesday, Judge Marsha J. Pechman preliminarily approved the settlement in the U.S. District Court for the Western District of Washington, providing $20 million to five classes of plaintiffs belonging to five different WaMu pension plans, as well as to members of two subclasses consisting of employees of banks WaMu acquired in 1998...
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