The University of Southern California has agreed to pay $13.05 million to settle a lawsuit by nine current and former participants in two university retirement plans who alleged the plans’ high fees and duplication of services violated ERISA.
The settlement document, which also outlines some non-monetary terms, was filed Feb. 23 in a U.S. District Court in Los Angeles, four weeks after the parties announced a tentative agreement. The initial notice, announced just before a trial was scheduled to begin, didn’t provide details in Munro et al. vs. University of Southern California et al.
The settlement, which requires court approval, would end a legal battle that started in August 2016 between the university and participants in the two plans.
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