Buy office 2007 license key

November 9, 2009 (PLANSPONSOR.com) – Heavy equipment manufacturer Caterpillar Inc. has agreed to a $16.5-million settlement of an buy office 2007 license key excessive fee lawsuit in federal court in Illinois.

A company newsletter said the buy office 2007 license key September 2006 suit leveled the fiduciary breach charges against Caterpillar regarding its four 401(k) plans for workers and retirees.

According to buy office 2007 license key the announcement, the net proceeds of the settlement will be buy office 2007 license key allocated to participant accounts and former participants based generally upon the buy office 2007 license key number of years a participant maintained an account balance in one or buy office 2007 license key more of the plans.

This will happen after court-approved attorney’s fees and buy office 2007 license key expenses of settlement administration have been deducted. Distributions would begin after U.S. District Judge Joe Billy McDade of the buy office 2007 license key U.S. District Court for the Central District of Illinois grants final approval of the buy office 2007 license key settlement, and all appeals have been pursued.

Even though one of the buy office 2007 license key breach claims had to do with the actions of Caterpillar Investment Management Ltd. (CIML), formerly a buy office 2007 license key Caterpillar subsidiary, the company said CIML was sold in 2006 before the buy office 2007 license key suit was filed.  As a buy office 2007 license key result, in May 2006, the Preferred Funds, advised by CIML, were replaced with other investment options, including separate accounts.

The suit also alleged Caterpillar kept too much cash in the buy office 2007 license key company stock fund in the 401(k) plans.

Caterpillar contended in its statement that buy office 2007 license key it had complied with the Employee Retirement Income Security Act (ERISA) and buy office 2007 license key that it only agreed to the settlement because it thought the buy office 2007 license key move would be in the best interests of the company and buy office 2007 license key its shareholders.

The Web statement said the buy office 2007 license key company will increase employee communication about 401(k) investment options and buy office 2007 license key associated fees, and Evercore Trust Company will independently monitor the plans during a buy office 2007 license key two-year settlement period.

Also, during the buy office 2007 license key two-year period, Caterpillar will continue to limit its cash holdings in the buy office 2007 license key company stock fund investment option, and will not include retail mutual funds as core investment options in the buy office 2007 license key plans. The statement said that if service contracts come up for buy office 2007 license key renewal, Caterpillar will undertake a request for proposal.

Fred Schneyer
editors@plansponsor.com

Posted August 16th, 2010 by Jessica Spinks - Posted in Insurance Fraud | |

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