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The amended claim alleged Duke used plan assets to pay for the salaries and fringe benefits of some University human resource employees, amounting to a prohibited transaction under the Employee Retirement Income Security Act.

Two lawsuits against fiduciaries of Duke University’s 403(b) retirement plan will be settled for $10.65 million, pending a court approval of the agreement between the parties.

Nick Thornton

Nick Thornton is a financial writer covering retirement and health care issues for BenefitsPRO and ALM Media. He greatly enjoys learning from the vast minds in the legal, academic, advisory and money management communities when covering the retirement space. He's also written on international marketing trends, financial institution risk management, defense and energy issues, the restaurant industry in New York City, surfing, cigars, rum, travel, and fishing. When not writing, he's pushing into some land or water.

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