Colgate-Palmolive Strikes Pension Class Deal Worth $332 Million

Colgate-Palmolive Co. signed a $332 million settlement in a long-running class action with about 1,177 retirees who challenged how their pensions were calculated.

The deal provides certain class members with a one-time lump sum to account for prior payments they claim to have missed, along with future ongoing annuity payments. The settlement, announced Aug. 29 in the US District Court for the Southern District of New York, is subject to approval from Judge Lorna G. Schofield.

Colgate and its employees have been fighting over pension benefits since 2007, when workers said the consumer product maker had been miscalculating ...