In a legal update of interest to those in the corporate and legal sectors, the now-defunct Philadelphia-based law firm, Schnader Harrison Segal & Lewis LLP, has reached a class settlement in a lawsuit concerning the management of retirement benefits for its non-equity partners and counsel. The developments signal a conclusion to the legal proceedings regarding allegations of improper commingling of retirement plan funds.
The agreement in principle was reached and will be submitted for approval to the court by February, as documented in a recent court filing. While specific details of the settlement remain undisclosed, U.S. District Judge John M. Younge has scheduled a deadline for settlement paperwork to be filed by February 18, 2025.
The lawsuit claims that the firm mishandled the retirement benefits, which affected about three dozen individuals connected to the firm. The class settlement marks a significant step in resolving the grievances of those impacted by the firm’s financial management practices.