Photo: Diego M. Radzinschi/ALM Federal Judge Preliminarily Approves $10M Settlement Against Citgo's 'Marriage Penalty' in Pensions Benefits
A Chicago federal judge preliminarily approved a settlement providing $10 million in increased pension payments for Citgo retirees.
October 04, 2024 at 05:00 PM
4 minute read
A federal judge in Chicago granted preliminary approval of a proposed class action settlement Friday to provide $10 million in increased pension benefits to more than 1,700 participants and beneficiaries in two of Citgo Petroleum Corp.'s pension plans.
U.S. District Judge Matthew Kennelly of the Northern District of Illinois granted preliminary approval Friday after counsel with Cohen Milstein filed the class action settlement agreement Wednesday on behalf of the three former Citgo employees, Leslie Urlaub, Mark Pellegrini and Mark Ferry. The lawsuit, Urlaub v. Citgo Petroleum, alleged that the Houston-based gas and energy company failed to properly calculate joint and survivor annuity benefits for married retirees and imposed a "marriage penalty" that reduced the joint pensions below the value of pensions paid to single retirees, in violation of the federal Employee Retirement Income Security Act (ERISA).
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