Aquila Settles ERISA Lawsuit For $10.5M

By Jesse Greenspan (July 26, 2007, 12:00 AM EDT) -- Utility Aquila Inc. has agreed to pay $10.5 million to settle a class action that accuses it of breaching its fiduciary duty by encouraging employees to imprudently invest in company stock.

If the settlement is approved by the court, more than 7,000 current and former Aquila employees will receive compensation. The suit was open to anyone who participated in Aquila's retirement investment plan from January 1999 to May 2004.

In addition to the monetary payment, Aquila also agreed to retain an independent advisor for three years, to not restrict plan participants' ability to sell company stock, to immediately vest matching and...

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