US - A group of AK Steel retirees will receive over US$51m as a compensation for having been paid less than the full accrued benefit due to them under the AK Steel Pension Plan.
In March, the firm was ordered by judge Sandra Beckwith of the US District Court of the Southern District of Ohio to pay the sum into an interest bearing account.
Court documents stated the payment would have freed AK Steel from any liability. A recent court order granted the over 900 retirees the right to actually receive the sum.
This decision puts an end to a case which was originally filed in 2001. It claimed the firm had miscalculated the amount of the pensions to be received by the retirees who chose lump-sum payments between 1995 and 2005.
AK Steel spokesman Alan McCoy did not immediately return phone calls seeking comment.
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