Who Benefits From the Settlement
Friday’s filing revealed that nearly 1,200 retirees and their spouses stand to gain from the Colgate-Palmolive $332M settlement, which also covers litigation expenses. Class counsel can seek up to 29% of the fund for attorney fees, plus $2.9 million in costs.
Lead class representative Rebecca McCutcheon, a former Colgate worker, is slated to receive a $10,000 service award.
The pact provides for both monthly annuity payments and a one-time payout covering past underpayments. Surviving spouses of deceased retirees are also eligible for benefits.
Mediation, Appeals and Final Hurdles
The agreement was reached after a 13-hour mediation session with JAMS mediator Marc Isserles. Mediation followed Colgate’s second failed appeal to the Second Circuit, which had sought to challenge a lower court order directing recalculated benefits.
Attorneys for the retirees declined comment Tuesday, while Colgate representatives and counsel did not immediately respond to requests.
The retirees are represented by Eli Gottesdiener and Albert Huang of Gottesdiener Law Firm PLLC. Colgate is represented by Robert S. Newman and Nicholas O. Pastan of Covington & Burling LLP.
If approved, the settlement will finally close the book on one of the most protracted ERISA pension disputes in recent history.
