A settlement has been reached between the Pension Benefit Guarantee Corporation and Bendix Commercial Vehicle Systems LLC, finalizing a $16.6 million Federal lawsuit over pension debt related to a plant closure in 2007.
Bendix, a supplier of air brake and filtration systems to the heavy-duty commercial vehicle industry, closed its Frankfort, Ky. plant in December of 2007, displacing 63 employees.
PBGC filed a Federal suit in Cleveland on Sept. 16, 2011, claiming that the company was not following up on its pension obligations - suggesting that Federal law calls for company liability when more than 20 percent of a pension plan's members lose their jobs in a shutdown.
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