Bankruptcy Judge OKs $32M Deal In Tribune's ERISA Suit
Law360, Wilmington (October 19, 2011, 5:03 PM EDT) -- A Delaware bankruptcy judge on Wednesday cleared a $32 million settlement of an Employee Retirement Income Security Act class action spawned by the infamous 2007 leveraged buyout of Tribune Co. that propelled the media giant into court protection.
The settlement, reached through mediation, resolves Tribune employees’ breach of fiduciary duty claims against GreatBanc Trust Co. — the trustee for the media giant’s employee stock ownership plan, the vehicle through which billionaire Sam Zell took the company private.
Tribune, while not a defendant in the suit, settled indemnification claims from GreatBanc for any liability the trustee might incur in the class action,...
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