Counsel for Plaintiffs: $36 million settlement has been reached with Northern Trust Company and Northern Trust Investments, N.A.
PHILADELPHIA, Feb. 19, 2015 /PRNewswire/ -- Counsel for Plaintiffs in a class action pending in Federal Court announced today that, subject to Court approval, a $36 million settlement has been reached with Northern Trust Company and Northern Trust Investments, N.A. (Northern Trust). The lawsuit alleges that Northern Trust breached its duties to retirement plans and their participants and beneficiaries. According to Plaintiffs, Northern Trust imprudently invested collateral received from securities lending activities and, in addition, charged impermissibly high fees. Northern Trust denies any liability.
The proposed settlement has been achieved on behalf of retirement funds that invested in Northern Trust's Commingled Lending Funds, which participated in Northern Trust's securities lending program, during the period January 1, 2007 through October 31, 2010. Plaintiffs brought suit under the Employee Income Security Retirement Act (ERISA).
The case is Diebold, et al. v. Northern Trust Investments, N.A. et al., No. 09-Civ-1934 (Diebold), pending before Judge Charles Norgle in the United States District Court for the Northern District of Illinois.
Final settlement in Diebold is conditioned on final approval of the partial settlement of a related case, Louisiana Firefighters' Retirement System, et al. v. Northern Trust Investments, N.A., et al., Civil Action No. 09-7203A (Louisiana Firefighters), which is also pending in the Northern District of Illinois. Louisiana Firefighters asserts claims based on many of the same facts and circumstances underlying the claims in Diebold, but on behalf of entities that are not subject to ERISA.
Northern Trust has expressly denied and continues to deny all assertions of wrongdoing or liability against them arising out of any of the conduct, statements, acts, or omissions alleged, or that could have been alleged.
The Settlement Class, appointed by the Court, is represented by Bailey & Glasser, LLP, Berger & Montague, P.C., and Peiffer Rosca Wolf Abdullah Carr & Kane, APLC.
Northern Trust is represented by Winston & Strawn LLP and Mayer Brown LLP.
Further information concerning the details of the settlement is available at http://www.bergermontague.com.
Media Inquiries
Counsel for Plaintiffs and the Class:
Gregory Porter
Bailey & Glasser, LLP
910 17th Street, NW
Suite 800
Washington, DC 20006
P: (202) 463-2101
[email protected]
Todd S. Collins
Ellen Noteware
Berger & Montague, P.C.
1622 Locust Street
Philadelphia, PA 19103
P: (215) 875 3000
[email protected]
[email protected]
Joseph C. Peiffer
Daniel Carr
Peiffer Rosca Wolf Abdullah Carr & Kane, APLC
201 St. Charles Ave., Suite 4610
New Orleans, LA 70170
P: (504) 586-5270
[email protected]
[email protected]
Counsel for Northern Trust:
Caryn L. Jacobs
Todd J. Ehlman
Winston & Strawn LLP
35 W. Wacker Dr.
Chicago, IL 60601
(312) 558-5600
[email protected]
[email protected]
Mayer Brown LLP
71 S. Wacker Dr.
Chicago, IL 60606
P: (312) 782-0600
SOURCE Berger & Montague, P.C.
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