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Northern Trust to pay $36 million in securities lending settlement

Posted: February 18, 2015
Source: Pensions and Investments
Outcome: Settlement

Todd Collins, an attorney with the Philadelphia law firm Berger & Montague called the settlement "an excellent recovery" in a statement e-mailed to Pensions & Investments.

"Plaintiffs and the class of ERISA retirement plans faced substantial risks in seeking to prove their claims of imprudent investing and excessive fees," Mr. Collins said. "The litigation advances the principle that ERISA fiduciaries must be, and will be, held to the highest standards."

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