Civil Plaintiff

Huntington Bancshares Inc. Pay $10.5M to Settle ERISA Suit

Huntington Bancshares Inc. agreed to pay $10.5 million to settle an ERISA complaint by former participants in a company 401(k) plan who alleged ERISA violations by the plan’s fiduciaries.

The plaintiffs argued that plan executives violated their ERISA duties “by selecting and retaining Huntington-managed investment for the plan that were costlier and performed worse than non-proprietary alternatives,” said the settlement document, filed Aug. 7 in a U.S. District Court in Columbus, Ohio.

The plaintiffs sued the company and its fiduciaries in December 2017. The district court dismissed one allegation against the defendants in September 2019 but allowed another allegation — breach of fiduciary duty — to proceed to trial.

Read the source article at Pensions & Investments

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