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GM Settles ERISA Case For $39M

Law360 (January 9, 2008, 12:00 AM EST) -- Automobile manufacturer General Motors Corp. has agreed to pay some $39 million to settle allegations that it improperly administered the pension funds of its employees and retirees, the Detroit News reported Tuesday.

The newspaper, citing unnamed sources familiar with the negotiations, said that $25 million will go to GM employees and retirees to offset losses they suffered when their 401 (k) plans, which were heavily invested in GM stock, plummeted.

The rest of the settlement, some $14 million, will be handed over to the three law...
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