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M&T Bank agrees to settle retirement plan case

M&T Bank Corp. agreed to settle a class action suit alleging that the company breached its fiduciary duties under the Employee Retirement Income Security Act, the National Association of Plan Advisors reported.

The company or its insurers will pay a gross settlement amount of about $20.9 million into a common fund for class members under the terms of the proposed settlement, which requires court approval.

Plaintiffs in the lawsuit alleged that the company did not remove proprietary funds, which they said charged excessive fees, as retirement savings plan investment options, costing participants millions of dollars.

The settlement class includes all persons, except defendants and their immediate family members, who were participants in or beneficiaries of the company's retirement savings plan, at any time during the class period from May 11, 2010, through Sept. 30, 2019.