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IN BRIEF / PENSIONS

Court Orders Xerox to Pay $300 Million

August 02, 2003|From Bloomberg News

A federal appeals court ordered Xerox Corp. to pay about $300 million to retirees who claimed the company miscalculated their pension benefits.

Xerox was sued in 2000 over its methods of determining pension payments to 25,000 employees as part of a so-called cash balance program, which pays some benefits as a lump sum rather than an annuity. The retirees alleged that Xerox's methods violated federal law. The U.S. District Court in Illinois ruled in favor of the retirees in October.

Shares of Xerox fell 15 cents to $10.65 on the New York Stock Exchange before the news.

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