Huntington Bancshares has agreed to pay $10.5 million to settle a federal class-action lawsuit filed by employees who alleged that the bank used Huntington-managed investments for its retirement plan that were costlier and less successful than alternatives.
A group of workers filed the lawsuit in U.S. District Court in Columbus in 2017, accusing the bank of violating a federal law that governs companies’ pension plans, including the bank’s 401(k) retirement plan.
A court filing by the workers this month describes the settlement as “fair, reasonable and adequate.”
“The $10,500,000 settlement amount speaks for itself,” the filing said. “Indeed, this eight-figure recovery is substantial not only in the aggregate, but also as a percentage of plan assets (approximately 1%).”