September 27, 2024
A Connecticut-based hedge fund that went bankrupt and owner George A. Weiss have agreed to pay $7.9 million to end an ex-worker’s suit alleging the company plowed its employees’ retirement savings into two substandard proprietary funds, according to filings Friday in Connecticut federal court.
The proposed class of participants in a 401(k) plan for employees of George Weiss Associates Inc. entered a motion for preliminary approval of the class action settlement in the Employee Retirement Income Security Act suit, disclosing the terms of the deal with GWA LLC and its owner, George A. Weiss.
The proposed class said in a memorandum in support of the motion for preliminary approval that the $7.9 million gross settlement amount to be paid by GWA LLC or its insurers to resolve the suit represented an “outstanding outcome for the class” that would result in an average gross recovery of about $40,000 per class member.
. . .
The proposed class is represented by Michelle C. Yau, Daniel R. Sutter, Caroline E. Bressman and Jacob T. Schutz of Cohen Milstein Sellers & Toll PLLC.
Read Hedge Fund Inks $7.9M Deal In ERISA 401(k) Investment Suit.