PricewaterhouseCoopers LLP’s $267 million settlement with retirees seeking higher pension benefits received early approval from a New York federal judge, paving the way for resolution of a 16-year-old class action challenging various aspects of the company’s pension plan.

The deal, which is expected to pay an average of about $11,000 to each of 16,000 former participants in the PwC plan, represents a recovery of “virtually 100%" of the benefits class members would be owed if they won their case in court, according to the settlement motion. It’s also the largest recovery ever achieved in an Employee Retirement Income Security ...

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