Kraft Settles ERISA Class Action For $9.5M

Law360, New York (February 24, 2012, 2:51 PM EST) -- Kraft Foods Global Inc. and a class of employees asked an Illinois federal judge on Thursday to approve a $9.5 million settlement of claims that the food giant breached its duties under the Employee Retirement Income Security Act by illegally investing in a $3 billion retirement fund.

The settlement will resolve two related suits filed in September 2006 and July 2008 alleging that the company allowed excessive fees to be charged in its retirement plan, held too much cash in the company stock funds and offered imprudent funds as investment options in the plan.

"Both parties have determined that it is...

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