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Duke Excessive Fee Settlement

A settlement of $10.65 million has been reached in this excessive fee case. Settlement includes attorneys’ fees of $3.55 million along with other costs of $825,000 with the remaining monies to benefit plan investors. Non-monetary settlement requirements include providing participants the opportunity to transfer money from certain frozen annuity accounts, the hiring of an independent plan consultant and discontinuance of using plan assets to compensate Duke employees for plan related services.

www.bloomberglaw.com; January 17, 2019.
www.apnews.com; January 16, 2019.