The U.S. District Court for the Middle District of Tennessee is expected to approve a $16.5 million dollar settlement Caterpillar has reached with its’ employees. The class action suit alleged that Caterpillar had failed to keep its promise to pay lifetime health benefits at no cost to its retirees and spouses. The company’s excessive 401k plan fees were also at issue in this action. Additionally, the lawsuit challenged the benefit modifications that had already been made to the health plan such as higher prescription co-pays. The settlement award is believed to be the largest for a lawsuit over benefits in a retirement plan.
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