Liberty Mutual Insurance Co. is settling a long-running class action by giving $30 million in extra retirement benefits to 1,166 employees of Golden Eagle Insurance Co., a subsidiary Liberty acquired 20 years ago.
The multimillion-dollar benefits boost, announced in court papers filed Feb. 6, is part of the parties’ settlement to end a lawsuit dating to 2010 by former Golden Eagle employees who alleged that Liberty denied them pension credit for the years they worked at the subsidiary before Liberty acquired it in 1997.
The parties agreed last year to settle their claims by having Liberty give class members 50 ...
Learn more about Bloomberg Law or Log In to keep reading:
See Breaking News in Context
Bloomberg Law provides trusted coverage of current events enhanced with legal analysis.
Already a subscriber?
Log in to keep reading or access research tools and resources.