AK Steel Settles Class Action Over Pension Payments

Law360, New York (November 24, 2010, 1:05 PM EST) -- A federal judge has approved a class action settlement resolving claims that AK Steel Corp. shortchanged retirees by improperly calculating pension plan payments, clearing the way for another faction of former steelworkers to continue litigating its case.

On Tuesday, Judge Sandra Beckwith of the U.S. District Court for the Southern District of Ohio signed off on the settlement, which provides 42 retirees with a share of a $650,000 kitty and awards plaintiffs’ firm Stember Feinstein Doyle Payne & Cordes LLC $95,000 for its efforts.

Under the...
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