Singing River endorses settlement
"Singing River Health System has agreed to settle the pension litigation and work towards the end of the pension matter for the best interests of all involved.
The proposed settlement provides for a plan to resolve the federal court class actions as well as some of the state court cases. The settlement is subject to approval by the special fiduciary and by the federal and state courts.
Upon final approval, the system will make payments to the retirement plan trust over several decades. Specifically, the system has agreed to pay the trust approximately $149 million over 35 years.
The proposed settlement has been the subject of intense negotiations among the attorneys for the respective parties, including three separate mediations in which all parties had the opportunity to participate, along with the able assistance of Judge David Houston as the mediator. Singing River Health System believes that the proposed settlement is fair and reasonable for all concerned and will allow it to focus on its mission of providing quality health care to the citizens of Jackson County."
-- Kelly Sessoms, attorney for SRHS