Retired USC Workers Submit ERISA Settlement for Final Approval

Plaintiffs in a class action against the University of Southern California have submitted a proposed $13 million settlement to US District Court for the Central District of California for final approval.

The lawsuit alleged that USC breached its fiduciary duty in mismanaging their retirement plans. While the accord was preliminarily approved in February by Judge Virginia A. Phillips, the Monday memorandum asks the court to approve more than $5.5 million in attorneys’ fees and expenses.

• The memorandum also asks Phillips to approve a $25,000 incentive award to each of the eight lead plaintiffs, over the objections of USC which ...