Workers Ink $615,000 Pact Ending Suit Over Old Union’s Benefits

Former Parsec Inc. employees negotiated a $615,000 class settlement in their lawsuit against their former union’s benefit plans, federal court filings in Illinois show.

The proposed deal is expected to benefit about 362 people covered by two National Production Workers Union severance and 401(k) plans by virtue of their prior employment with Parsec, an intermodal transportation company.

The settlement amount represents about 35% of the workers’ estimated losses in connection with their claim that the plans paid excessive compensation to two internal employees, according to a motion filed Thursday in the US District Court for the Northern District of Illinois. ...