Pinnacle West Finalizes $7 Million Pension Math Class Settlement

Pinnacle West Capital Corp. secured final approval for a $7 million class settlement with retirees who accused the Arizona-based utility holding company of shortchanging pensions that include post-death payments for workers’ surviving spouses.

The deal is expected to boost the monthly retirement checks of about 900 retirees who began receiving pensions that include post-death spousal payments after November 2016. Judge Susan M. Brnovich granted final approval to the settlement and awarded class counsel more than $2.4 million in fees and costs in a pair of orders issued Wednesday in the US District Court for the District of Arizona.

• The lawsuit ...