$15M Deal Forged In General Dynamics ERISA Suit

Law360, New York (August 5, 2010, 5:30 PM EDT) -- Defense contractor General Dynamics Corp., Fiduciary Asset Management LLC and Piper Jaffray Cos. have reached a $15 million settlement pact in a putative Employee Retirement Income Security Act class action brought against them by current and former workers who participated in two General Dynamics 401(k) plans.

The parties filed a joint motion seeking preliminary approval of the deal in the U.S. District Court for the Southern District of Illinois on Wednesday. A hearing on that motion has been scheduled for Monday.

The settlement calls for a...
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