Engineering Co. To Pay $1.8M To Settle ERISA Class Action
By Alexis Shanes (June 8, 2021, 4:10 PM EDT) -- A Philadelphia-based engineering company has agreed to pay $1.8 million to end a proposed class action claiming it violated the Employee Retirement Income Security Act by allowing expensive, poor-performing investment options in employees' 401(k) plan.
On Monday, plaintiffs Adam Crawford, Lucia Depretto and Megan Bennett urged U.S. District Judge Chad Kenney to greenlight their proposed settlement with CDI Corp. and certify the class, which spans a six-year period beginning in July 2014.
"The benefit of the proposed settlement must be considered in the context of the risk that, in its absence, protracted litigation might lead to little or even no recovery...
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