Raytheon Inks First Class Deal in Outdated Pension Data Lawsuits

Raytheon Co. will boost the monthly pensions of more than 10,000 retirees and their surviving spouses, ending a class challenge to its pension calculations in a settlement valued at nearly $60 million dollars, according to papers filed in the U.S. District Court for the District of Massachusetts.

The Feb. 12 settlement 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.

This ...