United Stock Committee Settles Employee Lawsuit
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The committee that oversaw United Airlines’ employee-stock ownership plan settled a class-action lawsuit for $5.25 million that was brought on behalf of UAL Corp. employees.
The settlement will be paid by insurance, a law firm representing the committee said.
The UAL workers are still pursuing a suit against State Street Bank & Trust, the plan’s trustee. The suits allege that State Street and the committee held onto UAL stock too long, after they knew it was unstable. UAL had no immediate comment.
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