Northern Trust Co. has agreed to pay $36 million to settle claims by plaintiffs in two 401(k) plans alleging the firm mismanaged investments in its securities lending business and charged excessive fees.
As part of the deal, Chicago-based Northern Trust and Northern Trust Investments denied any wrongdoing.
The suit, filed in 2009, was brought by a participant in an ExxonMobil 401(k) plan and another in a Texas Instruments plan. They alleged Northern Trust and Northern Trust Investments imprudently managed collateral pools in its securities lending program, according to court documents.
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