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Duke Energy ERISA Class Action Settled or $30M

Greenville, SC: A $30 million settlement has been approved by a federal judge ending a 5-year old ERISA class-action. The lawsuit, brought by 20,000 class members who worked for Duke Energy Corp, alleged the company broke federal law when it changed its retirement plan.

Duke Energy Corp. spokesman Tom Shiel (SHEEL) said a federal judge in Greenville approved the settlement plan Monday. According to the Greenville News Duke workers said the Charlotte, N.C., company violated the Employment Retirement Income Security Act of 1974 in how it administered and calculated benefits under its retirement cash balance plan.

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Last updated on May-16-11