The University of Southern California signed a $13.05 million class settlement agreement, hoping to resolve a seven-year legal battle over the fees and investment options in its retirement plan.
The deal, which is slated to benefit about 30,000 people covered by the USC retirement plan since 2010, would also require the school to strengthen its plan monitoring procedures going forward.
In particular, USC agreed to instruct its plan recordkeepers that they can’t use participant data to sell or market unrelated services. The school also pledged to conduct a detailed search for recordkeeping and administrative service providers and to notify the ...
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