WICHITA, Kan. (AP) — Boeing will pay $90 million to settle a lawsuit filed by former Boeing workers over retirement and medical benefits after the sale of the company's Wichita operations.
U.S. District Judge Monti Belot gave final approval Thursday to the settlement agreement, ruling that the deal is "fair, reasonable, and adequate," and was entered into in good faith. The settlement includes a $4.2 million cut to the workers' attorneys to cover legal fees and expenses.
The class-action lawsuit covers about 1,800 former Boeing workers who were participants in the company's retirement plan in June 2005, had at least 10 years of vesting service and were between the ages of 49 and 55 at the time they went to work at Spirit AeroSystems or its predecessor Mid-Western Aircraft systems.
Boeing said in an emailed statement Friday that it was "pleased that the court found the settlement was fair and reasonable."
Under the settlement agreement, a claims administrator will distribute the proceeds to workers under a formula that takes into account each former employee's years of service and months of pension loss. Part of the money is also earmarked to pay reimbursement for out-of-pocket medical expenses incurred by the workers.
Belot gave the settlement preliminary approval in May.