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.

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