Mack Trucks, Volvo to pay $525M to settle suit
Breaking Legal News
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.
Related listings
-
Court says FOIA request cannot be used in lawsuit
Breaking Legal News 05/17/2011The Supreme Court says a Freedom of Information Act request cannot be used to trigger a False Claims Act lawsuit. The court on Monday voted 5-3 to agree with arguments by Schindler Elevator Corp., which sought to get a lawsuit against it dismissed. D...
-
Phoenix realtor pleads guilty to mortgage fraud
Breaking Legal News 05/12/2011A Phoenix real estate agent has pleaded guilty in a mortgage fraud scheme that costs lenders almost $10 million. Federal prosecutors said 31-year-old Jason Thomas Williams pleaded guilty Monday to charges of conspiracy to commit wire fraud. It was un...
-
Courts nationwide hold hearings with video
Breaking Legal News 05/09/2011George Villanueva, charged with first-degree murder in the death of an NYPD officer, will not leave jail for months of pretrial hearings. Instead, he'll be beamed into the courtroom via video as lawyers discuss his case in front of the judge. Villanu...
The Law Offices of John M. Lynch, LLC - Our goal is to serve you and make your experience a pleasant one
Our firm founder John M. Lynch is a proven trial lawyer with a record of success in state and federal courts. His former service as a police investigator and federal drug task force agent enable him to see a case from all sides. He is routinely hired by other attorneys to assist with criminal cases. His peer recognition is also evident in the recognition that he has earned with Top 100 Trial Lawyers, AV Preeminent Rating and Super Lawyers. He has also been named as one of the Best Attorneys in St. Louis, a Rising Star in Missouri and a Rising Star in Kansas. His unique and broad -based experience has led to unparalleled success that include dismissal of charges, acquittal and markedly beneficial settlements.
Attorney John M. Lynch comes from a strong law enforcement background with a decade of experience as a police investigator and federal drug task force agent. Paired with his legal degree from St. Louis University School of Law, Mr. Lynch provides a unique and candid perspective for people charged with a full range of criminal activities.