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AK Steel
U.S. Court Approves AK Steel's VEBA Health Care Settlement With Middletown Works Retirees
March 7th, 2008
AK Steel (NYSE:AKS) said that the United States District Court in Cincinnati has approved an agreement between AK Steel and a group of retirees from its Middletown (OH) Works to settle a lawsuit stemming from the company's initiatives in 2006 to reduce its health care costs in order to improve its competitiveness. The settlement agreement, which established a Voluntary Employees Beneficiary Association (VEBA) trust, was reached on October 8, 2007, and was subject to approval by the court. The agreement covers approximately 4,900 current Middletown Works retirees. The retirees had been represented by the AEIF independent labor union, or its successor union, the IAM,...
Source: Health Business Week (2008-03-07)
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