City National Will Pay $6.3M In DOL's Self-Dealing ERISA Suit

Law360 (December 3, 2019, 2:26 PM EST) -- A California federal judge has ordered City National Corp. to pay nearly $6.3 million after it was found to have violated ERISA’s prohibition against self-dealing in a suit by the U.S. Department of Labor, lowering the court’s initial $7.4 million judgment as the Ninth Circuit instructed.

U.S. District Judge Terry J. Hatter Jr. entered the order Monday at the request of the parties, who agreed that the proper judgment in the Employee Retirement Income Security Act case against the bank was roughly $6.3 million on remand from the Ninth Circuit.

The Ninth Circuit in April affirmed the district court’s finding that...

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