Georgia-Pacific Settles Pension Lawsuit
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.RELATED LINKS
SOURCE Georgia-Pacific Corp.