BofA Settles ERISA Action For $21M

By Joseph Marks (December 17, 2010, 3:10 PM EST) -- Bank of America Corp. has agreed to pay $21 million to settle a class action brought by workers and retirees claiming it unfairly changed a retirement benefit plan and misled them about the changes, in violation of the Employee Retirement Income Security Act.

About 80 percent of the settlement money will go to ERISA putative class members who will each receive payouts of between $200 and $12,800, according to a memo urging preliminary approval of the settlement, filed Thursday in the U.S. District Court for the District of Connecticut.

Class representatives first brought the suit in November 2007, claiming that the...

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