AT&T Inc. agreed to a proposed $184.1 million settlement to resolve a legal dispute alleging the company shortchanged thousands of retirees by using outdated actuarial assumptions to calculate certain pension benefits.
The settlement in Scott, et al. v. AT&T Inc., filed July 9 in U.S. District Court for the Northern District of California, would provide more than $149 million in value to current and future retirees while requiring AT&T to update its joint-and-survivor annuity calculations and review those factors at least once every 10 years. The company would separately pay up to $35 million in attorneys’ fees and litigation costs.
The agreement requires preliminary approval from U.S. District Judge James Donato before notices are sent to class members.
The complaint, filed in October 2020, alleged that AT&T violated the Employee Retirement Income…
