Saturday, April 21, 2007
Court Upholds AK Steel Pension Ruling
Yahoo! Finance
A federal appeals court on Friday upheld a ruling awarding at least $46.2 million to 1,250 former employees of AK Steel Holding Corp. who claimed the steelmaker miscalculated their pension benefits under an early retirement program.
The plaintiffs, who had retired or were terminated since Jan. 1, 1995, sued the company in 2002. They said that AK's method of calculating lump sum payments to workers who had not reached full retirement age did not comply with federal law and resulted in underpayments for participants in one of its pension plans.
A federal appeals court on Friday upheld a ruling awarding at least $46.2 million to 1,250 former employees of AK Steel Holding Corp. who claimed the steelmaker miscalculated their pension benefits under an early retirement program.
The plaintiffs, who had retired or were terminated since Jan. 1, 1995, sued the company in 2002. They said that AK's method of calculating lump sum payments to workers who had not reached full retirement age did not comply with federal law and resulted in underpayments for participants in one of its pension plans.
