Hartford Financial Pays $2M To Settle Retirement Account Suit

Law360, New York (March 19, 2012, 1:22 PM EDT) -- Hartford Financial Services Group Inc. agreed Friday to shell out $1.94 million to settle an Employee Retirement Income Security Act suit brought by former employees who said the company knowingly made risky investments that exposed their retirement accounts to huge losses.

The deal resolves a dispute between a class of retirement fund holders who sued the company over a drop in its stock in late 2008 and early 2009. The suit alleged the decline was brought on by the company's investments in mortgage-backed securities and the...
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