Judge Axes DST Workers' $79M 401(k) Settlements

August 19, 2021
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...

Stay ahead of the curve

In the legal profession, information is the key to success. You have to know what’s happening with clients, competitors, practice areas, and industries. Law360 provides the intelligence you need to remain an expert and beat the competition.

  • Access to case data within articles (numbers, filings, courts, nature of suit, and more.)
  • Access to attached documents such as briefs, petitions, complaints, decisions, motions, etc.
  • Create custom alerts for specific article and case topics and so much more!