AK Steel Will Fork Over $16M To Settle ERISA Suit

Law360, New York (September 19, 2012, 6:23 PM EDT) -- An Ohio federal judge on Wednesday approved a $15.8 million settlement for AK Steel Corp. and a group of retirees and their families, resolving class action allegations that the steelmaker violated federal pension law by cutting their health care benefits.

AK Steel will pay $5.2 million to ensure the former workers and their families pay lower insurance premiums until 2016, and will set aside $10.6 million in a trust fund to provide health and welfare benefits to the class members, according to settlement documents.

The deal,...
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