$1.5M Huntington ERISA Deal Wins Judge's Initial OK

Law360 (April 28, 2011, 7:33 PM EDT) -- An Ohio federal judge on Thursday preliminarily approved a $1.45 million settlement between Huntington Bancshares Inc. and a class of employees who claimed the company kept their retirement plan heavily invested in Huntington stock despite its exposure to subprime mortgage-related losses.

The settlement agreement, filed Wednesday, likely brings a close to the litigation, which U.S. District Judge Gregory L. Frost dismissed in February 2009. The employee class had filed an appeal with the Sixth Circuit, but that has been withdrawn as a result of the deal.

The first Employee Retirement Income Security Act case filed against Huntington as a result of...

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