Principal To Pay $3.2M In Westgate Ponzi Settlement

By Stephanie Russell-Kraft (August 23, 2013, 5:48 PM EDT) -- Principal Financial Group Inc. has agreed to pay $3.2 million to settle a class action alleging that the company let its retirement account holders unwittingly invest in an alleged Ponzi scheme run by Westgate Management LLC , the plaintiffs said in documents filed in New York federal court Thursday.

The proposed settlement, which would pay back the retirees 5.5 percent of their estimated losses from the scheme, was filed with the Southern District of New York. The parties asked U.S. District Judge Robert W. Sweet to approve it quickly, both hoping to avoid the costs and delays of continued litigation....

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