Macy's Pays $8.5M To Settle ERISA Stock Drop Action

Law360, New York (March 1, 2013, 8:15 PM EST) -- Macy's Inc. agreed Thursday to pay $8.5 million to settle a class action brought by members of company retirement plans who accused the retailer of funneling their nest eggs into its own stock while knowing it was an unwise investment.

Attorneys for the class of thousands of workers filed a motion Thursday in U.S. District Court for the Southern District of Ohio requesting approval of the settlement, which "is a result of more than five years of hard-fought litigation," the motion says.

According to the document,...
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