Talen Energy Signs $20 Million Deal Over Spin-off, Pension Cuts

Talen Energy Corp. will pay $20 million to settle a proposed class action that said it shortchanged employee pensions following a corporate spin-off from Pennsylvania Power & Light.

The deal, which was struck after a two-month mediation process, is expected to provide payments ranging between $4,000 and $365,759 to about 200 workers whose pension and personnel records show they were terminated by the company. Another group of 132 workers who weren’t terminated by the company stand to receive payments of $4,000 each, according to a settlement motion filed Feb. 21 in the US District Court for the Eastern District of ...