LandAmerica Settlement With PBGC Gets Court's OK

Law360, New York (May 28, 2009, 12:00 AM EDT) -- A judge has approved a settlement between bankrupt title insurance underwriter LandAmerica Financial Group Inc. and the Pension Benefit Guaranty Corp. regarding unfunded pension obligations, overruling an objection by the plan’s current trustee SunTrust Banks Inc.

Judge Kevin R. Huennekens issued an order Thursday in the U.S. Bankruptcy Court for the Eastern District of Virginia approving the settlement between LandAmerica, the PBGC and the official committee of unsecured creditors, under which the title insurance company would set aside about 30 percent of the proceeds of sales...
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