Georgia-Pacific Settles Pension Lawsuit

Feb 03, 2004, 00:00 ET from Georgia-Pacific Corp.

    ATLANTA, Feb. 3 /PRNewswire/ -- Georgia-Pacific Corp. and attorneys for
 former participants in the company's pension plan for salaried employees today
 announced that they have reached an agreement to settle a class action lawsuit
 pending in the United States District Court in Atlanta alleging that the plan
 mistakenly underpaid plan participants who terminated employment and received
 lump sum distributions from the plan.
     The settlement, which is subject to court approval, provides that the plan
 will pay additional pension benefits totaling $67 million to members of the
 class, less attorneys' fees and costs of the settlement.
     "Although we have denied and continue to deny the allegations, we believe
 the settlement is in the best interests of the plan's participants and the
 corporation's shareholders," said Patricia Barnard, Georgia-Pacific's
 executive vice president-human resources.
     Class counsel for the class of plan participants consisted of Bradley J.
 Schram, Robert P. Geller, Bradford T. Yaker and Eva T. Cantarella of Hertz,
 Schram & Saretsky, P.C., Bloomfield Hills, Mich., and Allen C. Engerman of Law
 Offices of Allen C. Engerman, P.C., Northbrook, Ill.  Mr. Schram and Mr.
 Engerman noted that the settlement provides a fair resolution and closure
 after seven years of litigation.

SOURCE Georgia-Pacific Corp.