Alcoa Settles With Retirees Over Life Insurance Coverage Cuts

Alcoa USA Corp. reached a settlement with two certified classes of retirees challenging its 2019 decision to terminate their life insurance coverage, a move the parties say should cancel an upcoming appellate hearing.

The parties reached an agreement in principle and asked the US Court of Appeals for the Seventh Circuit to put the appeal on hold so they can finalize paperwork to have the deal approved by the district court. Their Monday settlement notice, which comes two weeks before the appeals court was scheduled to hear oral arguments on May 20, doesn’t include details about the terms of ...