Duke Energy Class Action Settlement Of Class Action Lawsuit Over Cash Balance Retirement Plan.
A $30 million class action settlement has been reached in a class action lawsuit against Duke Energy Corp. (“Duke Energy” or “Defendant”) in the United States District Court for the District of South Carolina in Greenville, alleging, among other things, that Duke Energy administered and calculated benefits under its retirement cash balance plan in violation of the Employment Retirement Income Security Act of 1974 (“ERISA”), according to a Duke Energy cash balance retirement plan class action lawsuit settlement news report.
The Duke Energy cash balance retirement plan class action lawsuit was reportedly brought on behalf two classes of persons:
Current or former vested Duke employees who were participants in the company’s cash balance plan between Jan. 1, 1997, and Dec. 31, 1998, excluding participants who had retired on or before Dec. 31, 1996;
Former employees of Duke who were participants in Duke’s cash balance plan between Jan. 1, 1997, and Dec. 31, 2002, and retired and took lump sum benefits on or before Aug. 17, 2006, before age 65.
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