US- Merrill Lynch agreed to pay US$75m to employees that invested in Merrill stock through their retirement plans.
The plaintiffs sued Merrill in 2007 claiming the firm knew, or should have known, that investing in Merrill stock was imprudent and that Merrill violated the Employee Retirement Securities Act by not advising the employees to not invest.
The suit was filed in November 2007. The US District Court of the Southern District of New York will hold a court hearing on 27 July 2009 to decide whether to approve the settlement.
Scott Silvestri, spokesman at Bank of America, which acquired Merrill in January, was not immediately reached for comment.
PwC, KPMG, EY and Deloitte must break up their consultancy and audit businesses into distinct firms to provide greater focus on the "most challenging and objective audits", the competition watchdog has said.
The Department for Work and Pensions (DWP) has released its first batch of guidance setting out how the guaranteed minimum pension (GMP) conversion legislation may be used to resolve unequal payments.
This week's top stories include the government spending £800,000 on a Gogglebox advert and MPs writing to The Pensions Regulator about its engagement with the Railways Pension Scheme.