US says it has reached Teamster fund settlement

The Labor Department announced it has reached a $6.5 million settlement of suits against the scandal-ridden Teamsters union. The settlement, subject to approval by a federal court, involves several government suits brought against the Teamsters' Central States Pension and Health and Welfare Funds for alleged mishandling of fund assets over the years. Allegations have included squandering fund assets on Las Vegas casino properties , purchase of an expensive jet for Teamsters officials, and excessive fees paid for processing claims. Fund officials said the agreement ends all legal disputes with the government.