A $30 million settlement ended the Duke Energy Retirement Plan class action lawsuit which was under the jurisdiction of the United States District Court for the District of South Carolina in Greenville. The lawsuit revolved around claims that Duke Energy administered and calculated benefits under its retirement cash balance which was in violation of the Employment Retirement Income Security Act of 1974. The May 16, 2011 fairness hearing was held and the settlement was agreed upon.
The Court approved and confirmed that the Settlement Agreement was fair and reasonable. The lawsuit class included anyone who was “Current or former vested Duke employees who were participants in the company’s cash balance plan between Jan. 1, 1997, and Dec. 31, 1998, excluding participants who had retired on or before Dec. 31, 1996″ or “Former employees of Duke who were participants in Duke’s cash balance plan between Jan. 1, 1997, and Dec. 31, 2002, and retired and took lump sum benefits on or before Aug. 17, 2006, before age 65.” according to the lawsuit. The Court considered two objections to the settlement but both were overruled. A copy of the Duke Energy Cash Balance Pension Class Action Lawsuit can be read here.
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