How the Settlement Works
Under the deal, the $2.35 million fund—about 18% of estimated damages—will be distributed among roughly 720 retirees and beneficiaries through permanent increases in monthly pension payments.
On average, participants will see an extra $14 a month for life, with nearly half receiving at least $10 more each month. Franklin emphasized that these increases are not one-time checks but ongoing lifetime boosts that extend to surviving spouses as well.
The agreement also provides Franklin a $5,000 service award for representing the class and allows her attorneys to claim up to $775,500 in fees.
Claims of Financial Harm
Franklin, who began receiving benefits in 2018, said Duke’s outdated tables cut her monthly pension by $64, leading to losses of more than $10,000. She filed suit in 2023, alleging Duke ignored modern mortality data and interest rates until it revised the plan on July 1, 2023.
While the plan was eventually corrected, Franklin argued retirees like her continued to suffer diminished payments.
