Duke Energy Settles Benefits Action For $30M

Law360, Washington (May 16, 2011, 7:07 PM EDT) -- A South Carolina federal judge on Monday signed approved a $30 million settlement ending a class action accusing Duke Energy Corp. of shortchanging retirement plan participants on lump sum benefit payments and chiseling them out of interest due.

“The settlement agreement is in the best interest of the plaintiffs and the class members, the settlement agreement is fair, reasonable and adequate, and the settlement agreement is the product of informed, arms-length and noncollusive negotiations between the parties,” U.S. District Judge J. Michelle Childs said.

Judge Childs...
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