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NEW YORK, March 23 (Reuters) - Watson Wyatt Worldwide Inc. WW.N said it will pay $110 million to a Michigan union’s pension fund to settle a lawsuit over actuarial services the financial management consulting firm provided to the union during the 1990s.
The Trustees of the Iron Workers, Local No. 25, in 2004 filed a suit in U.S. District Court in Michigan that accused the company of malpractice, breach of contract and other claims related to the actuarial work.
Watson said in a filing with the U.S. Securities and Exchange Commission on Friday that it did not admit any wrongdoing and agreed to settle the lawsuit to avoid the unpredictability of further litigation.
The company said the settlement will have no impact on its financial statements and that the total amount is covered by the company’s professional liability insurance. (Reporting by Emily Chasan, editing by Gary Hill; Reuters Messaging: rm://firstname.lastname@example.org;Tel: +1 646 223 6114; editing by Jane Baird))