Judge OKs $32 million settlement for Tribune employees

Hundreds Of Writers, Editors And Other Employees Will Recapture Money For Their Employee Stock Ownership Plan

By Jim Romenesko • October 26, 2011

CHICAGO - Judge Rebecca Pallmeyer of the United States District Court for the Northern District of Illinois granted preliminary approval of a $32 million settlement in the class action case of Dan Neil, et al. v. Samuel Zell, et al. The defendants in this case are GreatBanc Trust Company, Samuel Zell and EGI-TRB, LLC. Tribune Company was dropped from the case after its bankruptcy filing, but they are a party to the settlement. The Tribune Company includes the Chicago Tribune, the Los Angeles Times, the Baltimore Sun, other major newspaper and media outlets. The final hearing on the settlement is on January 30, 2012.

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Judge OKs $32 million settlement for Tribune employees

Repost for former and current Tribune Company Employees

Jim Romenesko Oct. 26, 2011 4:34 pm

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A federal judge has granted preliminary approval of the $32 million settlement -- announced in August -- for former Los Angeles Times auto writer Dan Neil and Tribune employees. The final hearing is set for January 30. The plaintiffs contended that the leveraged buyout that resulted in creation of an employee ownership plan violated federal pension law. Tribune staffers became owners of the company when it was taken private by Sam Zell in 2007. The company filed for bankruptcy protection one year later. (more...)

Judge OKs $32 million settlement for Tribune employees