Kmart Employees To Split $11.75M Settlement

Law360, New York (June 29, 2006, 12:00 AM EDT) -- A judge has approved an $11.75 million settlement for former Kmart Corp. employees and retirees who alleged that the company forced them to invest their pensions in the retailer’s worthless stock.

According to the terms of the settlement, those who participated in the pensions from March 15, 1999 to March 6, 2003 will receive between 19% and 46% of between $28 million and $300 million—the damage that resulted from company executives’ breach of fiduciary duty, according to plaintiffs.

U.S. District Judge Avern Cohn wrote in the...
To view the full article, register now.