BofA Settles ERISA Action For $21M

Law360, New York (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...
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Case Information

Case Title

Tedesco et al v. Bank of America Corp et al


Case Number

3:07-cv-01640

Court

Connecticut

Nature of Suit

Labor: E.R.I.S.A.

Judge

Janet C. Hall

Date Filed

November 7, 2007

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