Colgate To Pay $45.9M To Settle ERISA Suit

By Dan Prochilo (October 10, 2013, 3:46 PM EDT) -- Colgate-Palmolive Co. has agreed to pay $45.9 million to settle consolidated class action litigation accusing the company of miscalculating employees' retirement benefits, ending a more than six-year legal battle, according to a proposed agreement filed in New York federal court Wednesday.

Under the proposed settlement, each of the 8,600 employees that comprise the class would receive on average approximately $5,300 to resolve claims — consolidated in October 2008 — that the toothpaste maker and its cash-balance retirement plan failed to pay former employees their full accrued benefits and committed other violations of the Employee Retirement Income Security Act.

The New York-based...

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