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 and adequate,” the order said.

The Employee Retirement Income Security Act case was brought on...

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