Wachovia To Pay $12M To End ERISA Action

By Mike Cherney (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...

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