TRW To Pay $30.2M To End Auto, Steel Workers' Benefit Row

Law360 (August 14, 2020, 7:01 PM EDT) -- TRW Automotive Holdings Corp. will pay $30.2 million to end a fight over health care benefits for retired auto and steel union workers, according to a request for initial approval of the deal lodged Friday in Michigan federal court.

The proposed agreement would require TRW over the next decade to pay the eight-figure sum in installments into a trust known as a voluntary employee benefits association, or VEBA, with the extent of the coverage to be determined by a board of trustees. The trust is expected to cover about 230 people, according to court records.

"The new VEBA is to be...

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