WASHINGTON — The Labor Department said Tuesday that it has reached final settlement of a major 10-year-old lawsuit against former trustees of the Teamsters Union Central States Pension Fund, extending court-imposed safeguards and awarding more than $4 million in restitution.
The settlement was approved by U.S. District Judge James B. Moran in Chicago, department officials said. It brings the government's recoveries in the Teamsters' Central States cases to more than $21.5 million since 1982.
"This settlement will ensure organized crime is not able to infiltrate that fund, and will ensure that assets of that fund will continue to grow with safeguards the court has imposed," said George R. Salem, the department's chief legal officer.
The pension fund is the largest multi-employer pension fund in the nation, with assets in excess of $8 billion, Salem said. It has 500,000 participants and beneficiaries.