JC Penney Wins Initial OK For $4.5M ERISA Deal

Law360, New York (January 4, 2017, 5:06 PM EST) -- A Texas federal judge preliminarily blessed a $4.5 million settlement between J.C. Penney and class of employees who claim they suffered losses in their benefit plans as a result of the company's misstatements surrounding its financial position, after both sides agreed to settle in June. 

U.S. District Judge Robert W. Schroeder III gave preliminary approval to the settlement and preliminarily certified the class of participants and beneficiaries of the company's savings, profit sharing and stock ownership benefits plan from November 2011 to May 2016, as long as their plans included the company's stock, according to the Tuesday order.

Jacob H. Zamansky...

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