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MAGNETEK, U.S. LABOR DEPARTMENT SIGN SETTLEMENT AGREEMENT

 MAGNETEK, U.S. LABOR DEPARTMENT SIGN SETTLEMENT AGREEMENT
 LOS ANGELES, May 4 -- /PRNewswire/ -- MagneTek, Inc. (NYSE: MAG) today announced that it has signed agreements with the U.S. Department of Labor and a labor union to settle two related legal actions arising out of the company's 1985 purchase of retirement annuity contracts from Executive Life Insurance Company.
 All of the claims asserted in the two lawsuits will be dismissed as a result of the settlements, and the financial effect on the company is not expected to be material, according to MagneTek management. The settlements are subject to a number of conditions, including approval by the federal court in Milwaukee and by the California court presiding over the rehabilitation of Executive Life.
 -0- 5/4/92
 /CONTACT: Otto G. Stoll, MagneTek, 310-473-6681/
 (MAG) CO: MagneTek ST: California IN: CPR SU:


DM-CH -- LA005 -- 6813 05/05/92 17:49 EDT
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Publication:PR Newswire
Date:May 5, 1992
Words:148
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