USC Settles Retirement Plan Class Action on Eve of Trial (1)

The University of Southern California struck a tentative deal to settle a six-year-old lawsuit challenging its retirement plan management shortly before the 30,000-person class action was scheduled to go to trial.

The court order, filed Tuesday in the US District Court for the Central District of California, comes the same day the case was set to begin a six-day, non-jury trial before Judge Virginia A. Phillips.

Phillips gave the parties 30 days to file their settlement for court approval. She also canceled a status conference scheduled for Wednesday morning at the request of the parties.

The lawsuit claims ...