Honeywell Plans Pay $24M To End Retirees' ERISA Suit

Law360, New York (July 24, 2012, 2:07 PM EDT) -- Honeywell International Inc. retirement plans reached a $24 million settlement with a class of retired employees in Arizona on Monday, resolving allegations they unlawfully reduced penion benefits without proper notification.

Chief U.S. District Judge Roslyn O. Silver gave final approval to the settlement, wrapping up a class action brought by more than 17,000 former employees and their beneficiaries claiming that after Honeywell acquired their former employer, it made changes to their retirement plans that violated the Employee Retirement Income Security Act.

“The terms and provisions of the final settlement as embodied by the parties’ agreement have been entered into in good...

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