Avnet’s $34M Deal To End Benefits Spat Approved

Law360, New York (April 15, 2010, 3:45 PM EDT) -- A federal judge has signed off on Avnet Inc.’s $34 million settlement of a class action challenging the way the electronic component distributor and its pension plan calculated lump sum payouts or potential payouts of pension benefits earned by nearly 4,500 former employees.

Judge Frederick J. Martone of the U.S. District Court for the District of Arizona on Tuesday issued a final order approving the deal, allowing class counsel to collect $8.5 million in attorneys’ fees from the settlement amount, and dismissing the case with prejudice....
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