09 Jun Flagstar Bancorp ERISA Litigation
On July 29, 2013, the US District Court for the Eastern District of Michigan gave preliminary approval to a $3,000,000 settlement to a class action suit brought on behalf present and former employees of Flagstar who invested in the Flagstar Company Stock Fund. The Complaint alleged that the fiduciaries of the 401(k) plan improperly continued to offer the Company Stock Fund as an investment option during the peried from December 31, 2006 to May 2, 2013 when it was an imprudent investment.
The Court will hold a hearing on December 3, 2013 at 2:30 p.m. to determine whether the Settlement should receive final approval.
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