Colgate Wins Court's Nod For $45.9M ERISA Deal

Law360, New York (December 17, 2013, 4:29 PM EST) -- A New York federal judge on Monday greenlit Colgate-Palmolive Co.'s agreement to pay $45.9 million to settle a consolidated class action accusing the company of miscalculating employees' retirement benefits that, once received by participants, were below the value of their accrued benefits.

Judge Lorna G. Schofield's order gave preliminary approval to an October deal that calls for each of the approximately 8,600 employees to receive an average of $5,330 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 in violation of the Employee...

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