Law360 (August 18, 2021, 8:55 PM EDT) -- A New York federal court dealt a blow to a roughly $79 million series of settlements resolving ERISA claims lodged by DST Systems Inc. workers and retirees who claim their retirement savings were unwisely invested, finding that the settlements contained an overly restrictive provision.
In a memorandum and order filed Tuesday, U.S. District Judge Andrew L. Carter Jr. refused to approve the workers and retirees' proposed $26.9 million settlement with information processor DST, as well as their $21.4 deal with DST's investment adviser Ruane Cunniff & Goldfarb Inc.
The settlements, which the parties reached in January, aimed to resolve claims that...
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