Caterpillar Settles ERISA Class Action For $16.5M

Law360, New York (August 3, 2010, 5:37 PM EDT) -- Caterpillar Inc. has reached a $16.5 million settlement agreement with employees who had accused the machinery company of breaching its fiduciary duty under the Employee Retirement Income Security Act.

Caterpillar and the class of employees filed a joint motion Monday in the U.S. District Court for the Central District of Illinois, seeking approval of the class action settlement.

The settlement requires Caterpillar to deposit $16,500,000 into an interest-bearing escrow account to be paid out after attorneys' fees and administrative expenses. The settlement also requires an independent...
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