AK Steel's $175M Payout In ERISA Case Approved

Law360 (September 27, 2010, 4:32 PM EDT) -- A federal judge has signed off on AK Steel Corp.'s $175 million truce with two classes of retirees in an Employee Retirement Income Security Act lawsuit accusing the company of unlawfully cutting its health insurance benefits in violation of its collective bargaining agreements.

Ruling in the U.S. District Court for the Southern District of Ohio on Friday, Judge Timothy Black gave the settlement agreement his preliminary approval, and certified a class of hourly retirees and a class of salaried retirees for the purposes of the deal.

Under the terms of the settlement with the hourly class, AK Steel will continue to...

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