Garbage Workers Get $2M In ERISA Class Settlement

Law360 (November 16, 2010, 3:58 PM EST) -- Bay Environmental Management Inc., a garbage company that was acquired by waste giant Republic Services Inc., and its financial advisers have agreed to pay $1.9 million to settle a class action alleging they imprudently invested retirement plan assets.

Judge Samuel Conti of the U.S. District Court for the Northern District of California preliminarily approved the settlement Monday. The lawsuit alleged the defendants violated the Employee Retirement Income Security Act.

The 100 or so class members are former workers of Bay Environmental and other affiliated garbage companies, according to Teresa Renaker, their attorney. Renaker's firm, Lewis Feinberg Lee Renaker & Jackson PC,...

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