On February 27th, the Department of Labor announced that Austin Capital Management will pay $34 million to compensate employee benefit plans for losses suffered through investments in funds managed by Austin Capital Management which indirectly invested in Bernard L. Madoff's Ponzi scheme. The agreement follows an earlier settlement with Austin Capital's parent company, KeyCorp, for more than $9 million. The Department of Labor contended that Austin Capital violated the Employee Retirement Income Security Act by causing or permitting certain funds to imprudently invest the assets of ERISA-covered plans with Madoff through investments in the feeder fund. Department of Labor Press Release.