O’Melveny Worldwide

Law360: DST Systems Workers To Settle 401(k) Mismanagement Suits

November 14, 2022

DST Systems Inc. has reached a settlement with a class of its former workers over claims that the company and its investment advisers violated the Employee Retirement Income Security Act by mismanaging an employee 401(k) plan. The settlement includes a class of DST workers, DST, the DST 401(k) plan, and a company benefits committee, as well as investment adviser Ruane Cunniff & Goldfarb Inc. and Ruane Cunniff leader Robert D. Goldfarb. The parties requested 30 days to “memorialize the agreement in the form of a formal settlement agreement to be submitted to the court for approval.” Ruane Cunniff is represented by Gregory Frederick Jacob of O’Melveny & Myers LLP.

Read the full article here.