InterArch Workers Get Boosted Settlement Over Metro Bank Losses

A $950,000 settlement benefiting 51 participants in the InterArch Inc. retirement plan will grow to more than $1.5 million after the deal failed to secure approval from an independent fiduciary, according to a filing in New Jersey federal court.

The settlement, which received preliminary approval from Judge Noel L. Hillman in April, didn’t satisfy the independent fiduciary hired by defendants and tasked with determining whether the deal satisfied a particular prohibited transaction exemption under the Employee Retirement Income Security Act, according to the supplemental motion for settlement approval. In particular, the independent fiduciary raised concerns about reductions in the distributions ...