Law360, New York (July 13, 2016, 11:02 PM EDT) -- Northern Trust Co. announced Wednesday it has reached a settlement in a class action that claims it negligently breached securities lending contracts by steering clients including two Pontiac, Mich., retirement funds toward risky assets such as Lehman Brothers Holdings Inc. and CIT Group Inc. shares.Northern Trust and the class, which includes those who participated in Northern Trust’s securities-lending pools and who are not governed by the Employee Retirement Income Security Act, asked U.S. District Judge Jorge L. Alonso to schedule a hearing for preliminary approval of their settlement, the details of which were not yet available as of Wednesday.... In the legal profession, information is the key to success. You have to know what’s happening with clients, competitors, practice areas, and industries. Law360 provides the intelligence you need to remain an expert and beat the competition. TRY LAW360 FREE FOR SEVEN DAYS
Northern Trust has reached a settlement in a class action case. The case was filed against the company by former employees of its credit card division who claimed that they were cheated out of millions of dollars after being told to pay for goods and services with their own