U.S. Bancorp Settles Pension Data Suit After Defeating Class Bid

U.S. Bancorp reached a deal to end a lawsuit claiming it shortchanges some early retirement pensions by using faulty lifespan data and conversion factors, according to a Minnesota federal judge’s order.

Magistrate Judge Katherine M. Menendez on Wednesday canceled an upcoming hearing in the case, saying in an electronic order that the parties have reached a “tentative settlement agreement” to resolve the Employee Retirement Income Security Act lawsuit.

Menendez’s order doesn’t include details about the settlement. But it comes one month after Senior Judge Paul A. Magnuson of the U.S. District Court for the District of Minnesota denied the workers’ ...