Union Labor Life Pays $20M To Settle ERISA Claims

Law360, New York (November 16, 2007, 12:00 AM EST) -- The Union Labor Life Insurance Co. has agreed to pay $20 million to settle allegations that the company violated ERISA, putting to rest a five-year U.S. Department of Labor investigation.

On Friday, the DOL filed a complaint against Union Labor Life, along with a consent decree, in the U.S. District Court for the District of Columbia. The department claimed that the insurance company failed to disclose to investors that it took certain fees from an investment account that was holding ERISA plan assets.

Union Labor Life,...
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