By David Robb Labor Editor Trustees of the American Federation of Musicians’ pension plan have agreed to a $26.85 million settlement of a class action lawsuit that claimed they made a series of risky investments that endangered the pensions of thousands of musicians. “The settlement is a victory for the Trustees, as the plaintiffs failed to prove their claims that the defendants had engaged in ‘risky’ investment decision-making,” the trustees said in announcing the settlement. “The Trustees settled because at least $17 million in proceeds from the $26.85 million settlement would be paid to the Plan by the Plan’s fiduciary insurers.
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