Packaging Corp. of America Agrees to Settle a 401(k) Lawsuit for $1.3 Million

Packaging Corp. of America has agreed to pay $1.3 million to settle claims that the company and its plan fiduciaries violated ERISA in the management of a company 401(k) plan.

The settlement was announced Sept. 22 in a document filed with the U.S. District Court in Lansing, Mich., in Miller et al. vs. Packaging Corp. of America Inc. et al.

Following mediation in early July, the parties reached an agreement in principle, which was later prepared as a proposed settlement that requires court approval, according to the document filed by the plaintiffs’ attorneys.

Read the source article at Pensions&Investments