Michigan Federal Judge Approves $3M Settlement In Flagstar Stock-Drop Case

Michigan Federal Judge Approves $3M Settlement In Flagstar Stock-Drop Case

DETROIT - A federal judge in Michigan on July 29 granted preliminary approval to a $3 million settlement of claims by Flagstar Bancorp Inc. 401(k) plan participants that the plan fiduciaries breached their duties under the Employee Retirement Income Security Act by offering company stock as an investment option (Debra Griffin, et al. v. Flagstar Bancorp, Inc., et al., No. 2:10-cv-10610, E.D. Mich.).

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