A $267 million settlement between Pricewaterhouse Coopers LLP and about 16,000 retirees challenging the company’s pension plan received final approval, as did an $89 million fee award for the retirees’ lawyers.
The deal, which is expected to pay former participants in the PwC plan about $11,000 each, represents a recovery of “virtually 100%" of the benefits class members would be owed if they won their case in court, according to the settlement motion. It’s also the largest recovery ever achieved in an Employee Retirement Income Security Act case challenging a pension calculation known as a whipsaw, plaintiffs Timothy Laurent .
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