$10 million settlement reached in ESOP fiduciary duty class action.(Fiduciary Duty)

Publication: Mealey's Litigation Report

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COPYRIGHT 2003 Aspen Publishers, Inc.

BATON ROUGE, La. -- A federal judge on Feb. 13 granted final approval to a $10 million settlement of a class action suit alleging that U.S. Trust Co. breached its fiduciary duties by failing to divest company stock from an employee stock ownership plan (ESOP) (Charles James Myer. et al. v. U.S. Trust Co. of California, et al., No. 00-147, M.D. La.).

(Final judgment and bar order available. Document #54-030311-046R. Attorneys" fees order available. Document #54-030311-047R. Joint motion for final approval of settlement available. Document #54-030311-048M. Plaintiffs' memorandum in support of final approval...

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