Judge Approves $4.5M Advanta ERISA Settlement

Law360, New York (October 11, 2013, 3:31 PM EDT) -- A Pennsylvania federal judge granted preliminary approval on Wednesday of a $4.5 million settlement in a class action brought by employees against Advanta Corp. accusing the company of misleading retirement plan participants by concealing its bleak financial state.

Plaintiffs first filed suit in the U.S. District Court for the Eastern District of Pennsylvania in October 2009, alleging that Advanta management breached its fiduciary duties in violation of the Employee Retirement Income Security Act of 1974 by continuing to offer employees the company’s common stock as an...
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