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LandAmerica Case

A class of former LandAmerica Financial Group employees agreed to a $5 million settlement of stock-drop claims resulting from LandAmerica’s 2008 bankruptcy filing. The complaint alleged that certain LandAmerica directors and officers breached their ERISA fiduciary duties by imprudently investing in LandAmerica stock despite its title insurance business being backed by subprime mortgage loans and hiding the truth about the company’s financial decline. The settlement is awaiting court approval.

planadviser, April 9, 2015.