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Comcast employees win $5M settlement in ERISA class action

The National Law Journal (2/3, Duffy) reported Comcast Corp. employees won approval for a five million dollar settlement in a class action suit claiming "they suffered losses in the company stock fund because it was heavily invested in Comcast stock during a period when its price was falsely inflated." Rooted in the Employee Retirement Income Security Act, the suit accused company executives of making "overly optimistic predictions about the company's growth in early 2007, driving the price of the stock up, despite being aware of market forces that were sure to result in significantly lower growth."

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