Law360 (February 14, 2011, 11:52 AM EST) -- Wachovia Corp. has agreed to pay $12.35 million to settle a class action alleging it violated the Employee Retirement Income Security Act by investing retirement plan proceeds in troubled company stock, allegedly costing employees $2 billion in retirement savings.
The parties filed their motion for preliminary approval of the settlement on Friday in the U.S. District Court for the Western District of North Carolina. The judge must grant both preliminary and final approval for the settlement to go into effect.
The settlement comes after Judge Martin Reidinger granted Wachovia's motion to dismiss the case in August. The plaintiffs appealed, however, and...
Stay ahead of the curve
In the legal profession, information is the key to success. You have to know what’s happening with clients, competitors, practice areas, and industries. Law360 provides the intelligence you need to remain an expert and beat the competition.
Access to case data within articles (numbers, filings, courts, nature of suit, and more.)
Access to attached documents such as briefs, petitions, complaints, decisions, motions, etc.
Create custom alerts for specific article and case topics and so much more!