On June 13, 2021, United States District Judge Walter H. Rice granted Plaintiffs’ Motion for Final Approval of Class Action Settlement in Shy v. Navistar International Corp., No. 3:92-CV-00333 (S.D. Ohio). The Settlement provides Navistar retirees with over $742 million in settlement benefits, including $292 million (plus interest) to resolve all disputes relating to Navistar’s past Profit Sharing obligations, $264 million to resolve any of Navistar’s future Profit Sharing obligations, $118 million related to all future Medicare Part D subsidies, $17 million to the Base Plan Retiree Sub Account A under the Krzysiak Settlement Agreement, $3 million in reimbursement to the Base Plan Retiree Sub Account A, and $48 million of the Base Plan Retiree Sub Account A assets going toward reduction of future monthly participant contributions.
The $742 million Settlement ends litigation that has been pending since 1992 – roughly 30 years. Markovits, Stock & DeMarco, LLC partner Bill Markovits noted, “We are delighted to have assisted the class of Navistar retirees in receiving approval of the over $742 million settlement after 30 years of litigation. Importantly, the roughly 20,000 Navistar retirees will receive the benefits of this settlement during their lifetimes, benefits they worked so hard for while being employed at Navistar facilities throughout the Midwest.”
A copy of the Court’s Final Approval Order may be viewed here.