Judge Approves Settlement in Tribune Employee Stock Suit
Disgruntled Tribune Company employees are one step closer to receiving a $32 million settlement for the company’s misguided employee stock ownership plan (ESOP).
Rebecca Pallmeyer, a federal district court judge in Illinois, granted preliminary approval of the settlement of a class action case brought about by former Los Angeles Times auto writer Dan Neil and other Tribune employees.
Tribune and its employees reached the settlement back in August, and informed the judge of that.
Now that the judge has approved it, notices go out to all potential beneficiaries. There is then a hearing, slated for Jan. 30, when any of the employees can object because they feel they are not getting enough money.
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