25 years of federal oversight to end for Teamsters

Teamsters Union President James Hoffa
Getty Images
Teamsters Union President James Hoffa

The International Brotherhood of Teamsters and the U.S. attorney for the Southern District of New York have settled a quarter-century long matter.

Both entities agreed to a deal that, if approved by the presiding judge, would end the U.S. attorney's 25-year oversight of the Teamsters union. "We anticipate that [Judge Loretta Preska] will approve the agreement," James Hoffa, general president of the union, said Wednesday in a video.

Read More How the Paris attacks change our political conversation

The Teamsters union came under the U.S. attorney's oversight after it lost a lawsuit under the Racketeer Influenced and Corrupt Organizations Act in 1989.

Read MoreStagnant middle class incomes: The political fallout

"The proposed settlement agreement seeks to strike the appropriate balance, recognizing the significant progress that has been made in ridding the [Teamsters union] of the influence of organized crime and corruption, while providing an avenue for the union to demonstrate its ability to preserve these gains through its own independent disciplinary and electoral systems," the U.S. attorney for the Southern District of New York said Wednesday in a news release.

The settlement agreement was filed on Wednesday and will go through a three-week period of comment and judicial hearings.