|By Jennifer Bjorhus, Star Tribune (Minneapolis)|
|McClatchy-Tribune Information Services|
The settlement announced Friday is the latest finale in a series of high-stakes cases against the bank over a largely defunct program that was managed out of
The agreement now heads to a U.S. District Judge
The plaintiffs include the City of Farmington Hills Employees Retirement System, a
Attorneys for the retirement funds have asked for up to one-third of the settlement as payment, plus an additional amount up to
In an e-mailed statement, the
Two other investor lawsuits over the bank's program went to trial.
As with the previous case, the plaintiffs were divided into two groups: those covered by ERISA and non-ERISA plaintiffs. The ERISA plaintiffs were only allowed to bring one claim, which was breach of fiduciary duty. The non-ERISA plaintiffs brought multiple claims including violating the Minnesota Consumer Fraud Act.
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