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Union Settles Case Involving Executive Life: The International Union of Electronic Workers said it settled a class-action suit that guarantees the security of retirement and pension benefits to workers whose retirement funds were lost in a junk bond deal. The suit involved transfers of money between MagneTek Inc. and Executive Life Insurance Co. of California. The union contended that the transactions were hidden from members of MagneTek’s pension plan, and it filed suit in 1990 against MagneTek to protect future pension benefits. Executive Life’s demise a year later was the largest insurance failure in U.S. history. The settlement, which does not admit liability or wrongdoing, guarantees pension and benefits for about 1,800 employees who retired before December 1991. No dollar amounts were disclosed.