(Peoria, IL) Caterpillar and the law firm of Schlichter, Bogard & Denton have announced a tentative settlement of a dispute over the administration of four 401(k) plans for Caterpillar employees and retirees.
The case - "Martin, et al. v. Caterpillar Inc., et al." is currently pending before Judge Joe Billy McDade of the U.S. District Court for the Central District of Illinois.
Under the tentative settlement, which must be approved by Judge McDade, Caterpillar will pay $16.5 million.
The net proceeds of the settlement, after court-approved attorney's fees and expenses, will be allocated to participant accounts and former participants based generally upon the number of years a participant maintained an account balance in one or more of the plans.