Mack Trucks, Volvo to pay $525M to settle suit
Headline Legal News | 2011/05/19 16:07
Mack Trucks Inc. and its parent, AB Volvo, will pay $525 million to settle a class-action lawsuit filed by more than 9,300 retirees of the North Carolina truck maker after they challenged potential reductions to their lifetime health benefits.

The Legal Intelligencer reported Tuesday that Senior U.S. District Judge R. Barclay Surrick gave preliminary approval of the settlement. A hearing is Sept. 7 to decide if the settlement is fair and reasonable.

The suit was filed in Michigan after Mack sought a ruling that lifetime benefits of its retirees were not vested and could be modified or eliminated. Both cases were consolidated in the Eastern District of Pennsylvania.

Mack reached an agreement with the UAW in May of 2009 on a voluntary employees beneficiary association, or VEBA, that would have the union oversee retirees' health benefits. Mack and Volvo agreed to fund it with $525 million, paid in five annual installments.

Mack said it expects the final approval of the VEBA in September.

The company also reported that deliveries nearly doubled in April from a year earlier with 1,608 trucks delivered from the 810 it recorded in April 2010, an increase of 99 percent.

[PREV] [1] ..[1376][1377][1378][1379][1380][1381][1382][1383][1384].. [1896] [NEXT]
Headline Legal News
Legal Topics
Legal Business
Attorney News
Court News
Court Watch
Areas of Focus
Legal Interview
Former Trump campaign aide Nunber..
TransCanada doesn't have to pay l..
Court fight over, founding papers..
Romania court nixes law allowing ..
Philippine gov't asks Supreme Cou..
Turkish court rejects request for..
Court: Nike logo of Michael Jorda..
Brazil court largely upholds law ..
High court: Held immigrants can't..
Court: US anti-discrimination law..
Organized labor case goes in fron..
Court leaves black judge on case ..
Delay in Nevada gun buyer law dra..
California parents face new charg..
Pennsylvania congressional map ba..
Supreme Court sides with Chicago ..
Courts: Bail reform working, but ..
Maldives court delays reinstating..
Inmate in landmark Supreme Court ..

Santa Ana Workers' Compensation Lawyers
Fort Washington Employment Law Firm
Attorney Marc E. Weinstein
China trademark registration lawyer
Chicago Truck Drivers Lawyer
Chicago Workers' Comp Attorneys
San Francisco Trademark Lawyer
San Francisco Copyright Lawyer
Lorain Elyria Divorce Lawyer
Chicago Business Law Attorney
Corporate Litigation Attorneys
Houston Estate Administration Lawyer
Car Accidents Attorneys
New Rochelle Personal Injury
Surry County Criminal Defense Lawyers
Yadkin County Family Law Attorneys
St. Louis Missouri Criminal Defense Lawyer
St. Charles DUI Attorney
Connecticut Special Education Lawyer
Law Firm Web Design Templates
Lawyer Website Templates
   Legal Resource
Headline Legal News for You to Reach America's Best Legal Professionals. The latest legal news and information - Law Firm, Lawyer and Legal Professional news in the Media.
Copyright © All Rights Reserved. The content contained on the web site has been prepared by Click The Law. as a service to the internet community and is not intended to constitute legal advice or a substitute for consultation with a licensed legal professional in a particular case or circumstance. By using the you agree to be bound by these Terms & Conditions.

Law Firm Website Design by Lawyer Website Design Blog - Lawyer Web Site Design That Works