Tribune-LAT employees settle over Zell's use of ESOP funds

Current and former employees of Tribune have agreed to accept $32 million to settle a class-action suit over their Employee Stock Ownership Program funds that became part of Sam Zell's takeover of the Tribune Company. The defendants in the suit are Zell, GreatBanc Trust Company and EGI-TRB, LLC, according to the release from the plaintiffs. Under the terms of the settlement, Tribune and GreatBanc will collectively pay the $32 million settlement. The named plaintiffs at the end include Dan Neil, the Pulitzer-winning former columnist for the Los Angeles Times, and ex-Times reporter Eric Bailey. Hundreds of other writers, editors and other employees will recapture money for their ESOP under the settlement, which received preliminary approval from Judge Rebecca Pallmeyer of the United States District Court for the Northern District of Illinois, the release says. Jim Romenesko has more.