PwC Inks $267 Million Class Deal in Long-Running Pension Lawsuit

PricewaterhouseCoopers LLP will pay $267 million to settle a 16-year-old class action by retirees seeking higher pension benefits and challenging various aspects of the company’s pension plan, according to a filing in the Southern District of New York.

The deal, which is expected to pay an average of about $11,000 to each of 16,000 former participants in the PwC plan, is the largest recovery ever achieved in an Employee Retirement Income Security Act case challenging a pension calculation known as a “whipsaw,” plaintiff Timothy D. Laurent said in a settlement motion filed Monday. It also represents a recovery of “virtually ...