Court OKs $36M Settlement By Northern Trust In ERISA Suit
Law360, New York (August 10, 2015, 9:47 PM EDT) -- An Illinois federal judge signed off Friday on the allocation plan for a $36 million settlement involving allegations that Northern Trust Investments NA breached its duties to retirement plans and to a class of their participants and beneficiaries.
Northern Trust denies any liability as part of the deal — approved by U.S. Magistrate Judge Susan E. Cox — that settles claims that by imprudently investing collateral received from securities lending activities and charging high fees, it violated the Employee Retirement Income Security Act of 1974.
Judge Cox’s approval came two days after she also signed off on an unopposed motion for...
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