The Pension Benefit Guaranty Corporation settled a long-standing lawsuit with a Japanese company that called into question the authority the PBGC, and U.S. courts, have over foreign companies with U.S. operations. Asahi Tec Corp, headquartered in Japan, agreed to pay PBGC $39.5 million. The Japanese metal casting company bought Metaldyne, a chassis manufacturer based in Plymouth, Mich., in 2007 for $1.2…