Wal-Mart, Merrill Shell Out $13.5M To End ERISA Action

Law360, New York (December 5, 2011, 2:16 PM EST) -- A Missouri federal judge on Monday preliminarily approved a $13.5 million settlement in a class action against Wal-Mart Stores Inc. and Merrill Lynch & Co. Inc. which claimed millions of dollars of Wal-Mart employees' retirement savings were squandered on overpriced mutual funds.

U.S. District Judge Gary Fenner signed off on an order granting initial approval of the pact, conditionally certifying a settlement class, appointing class counsel and setting a final fairness hearing for March 7.

The court is “preliminarily satisfied that the settlement is fair, reasonable...
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