Comment: They settled for $!0.5 Million in 2007

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They settled for $!0.5 Million in 2007

Aquila Settles ERISA for $!0.5 Million
Law360, New York (July 26, 2007, 12:00 AM ET) --
Utility Aquila Inc. has agreed to pay $10.5 million to settle a class action that accuses it of breaching its fiduciary duty by encouraging employees to imprudently invest in company stock.

If the settlement is approved by the court, more than 7,000 current and former Aquila employees will receive compensation. The suit was open to anyone who participated in Aquila's retirement investment plan from January 1999 to May 2004.

In addition to the monetary payment, Aquila also agreed to retain an independent advisor for three years,...

(ERISA = Employee Retirement Income Security Act)