UChicago, Workers To Settle ERISA Suit For $6.5M

Law360 (May 23, 2018, 11:45 AM EDT) -- An Illinois federal judge approved a $6.5 million settlement on Wednesday to a putative class action alleging the University of Chicago mismanaged workers’ retirement savings, making the university the first in a recent wave of elite schools sued under the Employee Retirement Income Security Act to settle.

The University of Chicago settled a putative class action alleging the school mismanaged workers’ retirement savings for $6.5 million. In a memorandum supporting the settlement proposal filed Tuesday, a group of current and former University of Chicago employees asked U.S. District Judge Ruben Castillo to certify two proposed classes of retirement plan participants, approve a...

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