Federal Court Preliminarily Approves Class Action Settlement of Pension Fund of the Government Employees of the CNMI

The United States District Court for the Northern Mariana Islands has agreed to Bronster Hoshibata's request for an order granting preliminarily approval of a settlement in a class action brought to secure the pension benefits of the members of the Northern Mariana Islands Retirment Fund. The Court approved Bronster Hoshibata as Class Counsel. The retirees were facing a loss of all benefits beginning in June 2014.

The Settlement secures the retirees at least 75% of their benefits. In addition, the Settlement allows enforcement of a $779,000,000 consent judgment if the CNMI defaults on it minimum annual payments in the future. 

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