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...
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Case Information

Case Title

Dan Neil et al v. Samuel Zell et al


Case Number

1:08-cv-06833

Court

Illinois Northern

Nature of Suit

791(Labor: E.R.I.S.A.)

Judge

Honorable Rebecca R. Pallmeyer

Date Filed

November 24, 2008


Case Title

Tribune Media Company, Reorganized Debtors


Case Number

1:08-bk-13141

Court

Delaware

Nature of Suit

Date Filed

December 8, 2008

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