CITGO Agrees to $14.75 Million Settlement in Pension Miscalculation Case, Boosting Retiree Benefits by $10 Million

In a recent legal battle, attorneys have successfully negotiated a $14.75 million settlement with CITGO Petroleum Corp., benefiting a class of 1,700 retirees. These individuals had claimed that CITGO had miscalculated their pension benefits, leaving them shorted. As a result of the settlement, the affected retirees are set to receive $10 million in increased benefits. The legal representatives for the retirees, which include the law firms Cohen Milstein Sellers & Toll, Stris & Maher, and Feinberg Jackson Worthman and Wason, will collectively garner $4.75 million in attorney fees. Additionally, three plaintiffs at the helm of this lawsuit will be awarded $25,000 each as class representative service awards. The details of the agreement were confirmed by a federal judge in Chicago. For additional information on the case, visit the Law.com article.