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Money manager settles suit

Wednesday, Aug. 11, 2004 | 9:21 a.m.

CHICAGO -- Northern Trust Corp., a money manager with $2.3 trillion in assets under administration, said Tuesday its California banking unit agreed to pay $21 million to settle claims that trust account holders were overcharged.

The company will take a charge of $10.4 million, or 5 cents a share, in the third quarter, Chicago-based Northern Trust said in a statement.

A lawsuit filed in Los Angeles accused Northern Trust Bank of California of charging excess fees for 300 open and closed trust accounts.

The company, which has one Las Vegas branch, denied any wrongdoing.

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