AXA Rosenberg Settles Coding Error Class Action For $65M

Law360, New York (November 2, 2011, 2:51 PM EDT) -- Institutional money manager AXA Rosenberg Group LLC, its co-founder and two other AXA units agreed Tuesday to pay $65 million to settle a class action in California claiming they covered up a computer coding error that cost investors hundreds of millions of dollars.

In their motion, the named plaintiffs, including the Guam Retirement Fund and the Sacramento County Employees' Retirement System, asked a federal judge to grant preliminary approval of the agreement.

"The proposed $65 million settlement that resolves all claims in this case marks a...
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