Retiree Buyouts Enjoined In Benefits Class Action

Law360, New York (December 12, 2008, 12:00 AM EST) -- A federal judge has thwarted the implementation of a voluntary retiree buyout program that some former employees of agricultural machinery maker Massey Ferguson Inc. say violates a 1998 settlement over health care benefits.

In an order Wednesday, Judge Julian Cook Jr. of the U.S. District Court for the Eastern District of Michigan said TRW Automotive Inc. needs to negotiate with counsel for the class and win court approval for a buyout. Through a series of mergers and buyouts, TRW is now responsible for the plan....
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