A U.S. District Court has approved a $9.5 million class-action settlement of a decade-long dispute between former members of Owens-Illinois defined benefit plan and the Ohio-based global manufacturer of glass containers.
Sessions et al v. Owens-Illinois arose from the company's sale of its Owens-Brockway Plastic Products Group unit in 2004.
On Jan. 1, 2000, Owens-Illinois amended its defined benefit plan to include an Enhanced Retirement Benefit for participants who became “terminated retirees” resulting from layoffs.
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Nick Thornton
Nick Thornton is a financial writer covering retirement and health care issues for BenefitsPRO and ALM Media. He greatly enjoys learning from the vast minds in the legal, academic, advisory and money management communities when covering the retirement space. He's also written on international marketing trends, financial institution risk management, defense and energy issues, the restaurant industry in New York City, surfing, cigars, rum, travel, and fishing. When not writing, he's pushing into some land or water.
