Tribune Settles Claims Over Workers' Benefits For $32M

Law360, New York (August 19, 2011, 10:55 PM EDT) -- Tribune Co. reached a $32 million settlement Friday in Illinois, resolving a class action claiming chairman Samuel Zell and GreatBanc Trust Co. — which oversaw the ill-fated 2007 buyout that led to the media company's bankruptcy — of failing to protect employee benefits.

Under the agreement, the money will settle claims from participants of the Tribune's Employee Stock Ownership Plan against plan trustee GreatBanc. The deal also settles claims from the U.S. Department of Labor in connection with the ESOP, as well as its opposition to...
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