Williams Cos. Settles 401K Lawsuit |
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Williams Companies, Inc., a natural gas processor and transporter, has settled a 2002 lawsuit filed under the Employee Retirement Income Security Act against the company, its board of directors as well as members of the company's investment and benefits committees.
Under the agreement, Williams will pay $55 million to the plaintiffs, $50 million of which will be covered by insurance. The class consists of individuals who participated in the companies 401(k) retirement plan beginning July 24, 2000. As part of the settlement, plaintiffs will release all defendants from claims related directly or indirectly to the suit and company's 401(k) plan.
The suit charged that the company breached its fiduciary duties to plan participants related to investments in Williams' shares and shares of a former business unit.
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