U.S. District Judge Melinda Harmon approved a $37.5 million settlement between former employees invested in Enron's 401(k) and
The judge ruled that Northern Trust failed in its fiduciary duty by not diversifying the plan enough. To date, $264.3 million has been collected on behalf of the former employees. The judge also ruled that $23.9 million in legal fees and expenses should be deducted from the $264.3 million.
In reaching the settlement, Northern Trust neither admitted nor denied the allegations.