A federal judge has granted final approval of a $525 million settlement between Mack Trucks and a class of more than 9,300 Mack retirees who had sued to challenge threatened reductions to their lifetime health benefits.
Under the terms of the settlement, Mack and its parent company, Volvo, will pay $525 million in cash, in five annual installments, to create a voluntary employees beneficiary association, or VEBA, that will take over administration of a new post-retirement health care plan for the class.
This content has been archived. It is available through our partners, LexisNexis® and Bloomberg Law.
To view this content, please continue to their sites.
LexisNexis® and Bloomberg Law are third party online distributors of the broad collection of current and archived versions of ALM's legal news publications. LexisNexis® and Bloomberg Law customers are able to access and use ALM's content, including content from the National Law Journal, The American Lawyer, Legaltech News, The New York Law Journal, and Corporate Counsel, as well as other sources of legal information.
For questions call 1-877-256-2472 or contact us at [email protected]