Mack Trucks, Volvo to pay $525M to settle suit
Headline 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
Headline 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
Headline 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
Headline 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...
Any contracts or any transactions can go awry at any time
We know your business means a lot to you and want to understand all the aspects of your business so that we can help you in the best ways possible. We don’t discriminate depending on the size of your company. Our mission statement is to represent all business owners and entrepreneurs by navigating them through the rough waters of business litigation and guiding them to success.
We are attorneys who want to make sure we understand your business objectives and goals before we start providing you with legal counsel individualized to your business. We know what it means to be dedicated to your business. After all, we are a business as well. And just like you, we want to provide the best service we can to our clients.
Any contracts or any transactions can go awry at any time. Sometimes, making important business decisions without legal help from business attorneys could cost you your business.We don’t want you or your business to be misconstrued by anyone. Our attorneys make sure that we communicate with you often to make sure we are giving you the legal guidance you need at all times. We make sure we are responsive in a timely-manner with every single one of our clients to help them identify risks and prevent legal battles before they arise.