Dana Corp.

Chicago, IL: (Sep-04-07) Several Dana Corp. retirees brought a lawsuit against the Dana Corp., a now defunct auto parts maker, over retiree benefits for non-union retirees. As a part of a settlement reached, Dana agreed to pay for retiree benefits for non-union retirees through July 1, 2007 and will further contribute $78 million to fund the trust, the Chicago-based law firm said in a statement. Additionally, the company will also pay for the cost of setting up the trust and will work with the retiree committee to explore offering life insurance conversions when and if the underlying policies allow for conversions. [REUTERS: NON-UNION BENEFTIS]

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Published on Sep-6-07