Caterpillar Inc. has asked a Camden federal judge to preliminarily approve a $60 million settlement of multidistrict litigation over the company’s allegedly defective bus engines.
The company asked Chief U.S. District Judge Jerome Simandle of the District of New Jersey on April 20 to approve the settlement, which provides owners of vehicles equipped with the company’s C13 and C15 engines with payments ranging from $500 to $15,000, depending on how many engine failures each party experienced. The $60 million would go into a common fund that would be used to pay class claims, administrative costs and legal fees and expenses. Class counsel intends to seek legal fees of up to 33 1/3 percent of the settlement, subject to court approval, according to court papers.
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