Judge approves $30M settlement in Duke Energy suit

GREENVILLE, S.C. (AP) — A federal judge has approved a $30 million settlement to end a class-action lawsuit accusing Duke Energy Corp. of breaking federal law when it changed its retirement plan. Duke Energy Corp. spokesman Tom Shiel said a federal judge in Greenville approved the settlement plan Monday. The Greenville News reports that attorneys told a judge that 20,000 class members were involved in the 5-year-old case. Workers said the Charlotte, N.C., company violated the Employment Retirement Income Security Act of 1974 in how it administered and calculated benefits under its retirement cash balance plan. Attorneys say the company and actuaries still must calculate how much each will receive as part of the settlement. Duke has denied any wrongdoing. Shiel says the company was pleased the settlement was approved. (Copyright 2011 by The Associated Press. All Rights Reserved.)