Schnader Harrison signEx-Schnader Partner Nears Settlement in Misappropriated Comp Class Action
Former income partner Jo Bennett had alleged the defunct firm required senior attorneys defer a portion of their annual compensation into the firm's pension plan, despite the pension plan itself not requiring such a contribution.
November 26, 2024 at 01:08 PM
3 minute read
What You Need to Know
- A lawsuit accusing the now-dissolved Schnader Harrison Segal & Lewis of misappropriating income partner and counsel compensation is on the verge of settling.
- The suit, filed by former income partner Jo Bennett, had survived a motion to dismiss back in May, with the judge finding Bennett's claims plausible and finding that the factual issues of the case required further discovery.
Schnader Harrison Segal & Lewis and former income partner Jo Bennett are on the verge of settling Bennett’s putative class action claims that the now-dissolved firm violated Employee Retirement Income Security Act rules and had misappropriated salaried senior attorneys’ compensation from 2018 to its 2023 closure.
In a letter filed on Nov. 22 addressed to U.S. District Judge John Younge of the Eastern District of Pennsylvania, Bennett’s attorney, Adam Garner of the Garner Firm, stated that both parties agreed to a term sheet resolving Bennett’s claims on Nov. 18. The letter further stated that plaintiff’s counsel signed the term sheet and that, should the defendants fail to sign the term sheet by Nov. 30, Bennett would be allowed to withdraw from the settlement agreement.
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