MIT To Settle ERISA Suit On Eve Of Trial

Law360 (September 12, 2019, 3:45 PM EDT) -- The Massachusetts Institute of Technology and a class of employees have agreed in principle to settle a lawsuit alleging the university violated the Employee Retirement Income Security Act by mismanaging its 401(k) plan, according to a court filing Thursday.

The parties informed a Boston federal judge of the settlement at a final pretrial conference just four days before a bench trial was set to begin. Details of the agreement were not immediately clear.

"We're pleased that the employees and retirees of MIT will not only be compensated for the past but also benefit for the long term from the changes in the plan...

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