Raytheon Gets Early OK for Pension Settlement Covering Thousands

Raytheon Co.'s plan to boost the monthly pensions of more than 10,000 retirees and their surviving spouses in a class settlement valued at nearly $60 million received early approval from the District of Massachusetts.

The settlement, which Chief Judge Patti B. Saris approved Tuesday, provides class members with an average pension increase of about $21 per month, for a total average benefit of $4,737, the parties say.

It represents 40% of the amount class members say Raytheon shortchanged their benefits by, minus attorneys’ fees and other expenses, according to the settlement motion in the U.S. District Court for the District ...