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Century Reaches Settlement of WV Retiree Class Action Lawsuit

Metal News - Published on Fri, 17 Feb 2017

Image Source: SteelGuru
Century Aluminum of West Virginia, Inc a wholly owned subsidiary of Century Aluminum Company announced that it had entered into a Settlement Agreement (subject to court and other approvals) regarding the previously disclosed retiree medical class action lawsuit pending before the District Court for the Southern District of West Virginia.

Mr Michael Bless Century's President and Chief Executive Officer said that "We are pleased to have reached this milestone. By settling this litigation, we are eliminating a risk for our shareholders while providing a benefit for a group of extraordinary people, many of whom dedicated their professional lives to the safe and efficient operation of the plant. It has been an honor and a privilege to get to know many of them personally. We are also appreciative of the union's leadership and commitment to reach a rational solution.”

He continued that "We are fortunate to have received tremendous support from West Virginia's elected leaders in this process, including the direct participation of Senators Manchin and Capito and former Governor Tomblin. I can say without doubt that, without Senator Manchin's personal commitment and leadership over many years, this agreement would not have been reached. The citizens of West Virginia are fortunate to have such dedicated public servants."

As previously disclosed, under the terms of the Settlement Agreement, Century Aluminum of West Virginia has agreed to make payments into a trust for the benefit of certain former employees of the now closed Ravenswood, W.V. aluminum smelter in the aggregate amount of
USD 23 million over the course of ten years. The Settlement Amount is payable in installments with USD 5 million payable upon final approval by the court of the Settlement Agreement and USD 2 million payable annually thereafter for nine years.

The Settlement Agreement is subject to final court approval following a notice period during which persons within the class have the opportunity to object to the settlement or thereafter appeal such approval. Final court approval is not expected before the third quarter of 2017.

Source :

Posted By : Rabi Wangkhem on Fri, 17 Feb 2017
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