Judge OKs $1M Wachovia ERISA Settlement

By Julie Zeveloff (December 2, 2008, 12:00 AM EST) -- A magistrate judge has preliminarily approved a class action settlement that would disperse $1.05 million among a class of former Prudential Securities financial advisers and managers who claim they forfeited their benefits when they resigned after Prudential merged with Wachovia Corp. in 2003.

U.S. Magistrate Judge Mark Falk of the U.S. District Court for the District of New Jersey signed off on an order granting preliminary approval of the class action settlement Monday, bringing the lawsuit, which accused Wachovia of violating the Employee Retirement Income Security Act, one step closer to closure.

The group of former Prudential financial advisers sued Wachovia...

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