Automaker Continental To Shell Out $24M In ERISA Settlement

Law360, New York (February 6, 2012, 8:26 PM EST) -- Continental Automotive Systems US Inc. on Monday agreed to pay $24 million to end two class actions by retired auto workers seeking to enforce benefits agreements made when Continental's predecessor bought a Huntsville, Ala., facility from DaimlerChrysler Corp.

U.S. District Judge Lynwood Smith certified a class of retirees who worked at Chrysler's electronics facility in Huntsville and preliminarily approved a settlement under which Continental agreed to pay $23.8 million into a retirement benefits trust established by a collective bargaining agreement between Chrysler and the United Auto Workers.

The money will be used to provide lifetime retiree medical benefits for the 93...

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Court

Alabama Northern

Nature of Suit

720(Labor: Labor/Mgt. Relations)

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Date Filed

September 10, 2010


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Alabama Northern

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720(Labor: Labor/Mgt. Relations)

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March 7, 2011

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