CNA Financial, Northern Trust Ink $25M Deal in 401(k) Lawsuit

CNA Financial Corp., its subsidiary Continental Casualty Corp., and Northern Trust Co. agreed to pay $25 million to settle a lawsuit challenging the cancellation of a group annuity contract in Continental’s 401(k) plan.

The settlement provides relief for approximately 10,000 participants in Continental’s 401(k) plan who invested in a CNA Financial Corp. fixed income fund before it was removed from the plan in 2011, according to court documents filed earlier this week. Judge Gary Feinerman of the U.S. District Court for the Northern District of Illinois certified the class June 7 and gave the settlement preliminary approval.

The deal comes ...