ConAgra Drops $4M To Settle Retiree Lawsuits

Law360, New York (July 30, 2007, 12:00 AM EDT) -- ConAgra Foods Inc. has agreed to pay $4 million to settle a trio of class actions that accuse it of breaching its fiduciary duty by encouraging its retirees to imprudently invest in company stock as part of their 401(k) plans.

Under the settlement, which is still subject to court approval, ConAgra also agreed to improve its fiduciary training, hire an outside entity to review future investment options and complete a risk profile survey, among other changes to its benefit plans.

The Omaha, Neb.-based food giant reached...
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