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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