Skip to comments.Chrysler bosses sue over lost pensions(Lee Iacocca, one of them)
Posted on 09/11/2010 2:54:33 AM PDT by TigerLikesRooster
Chrysler bosses sue over lost pensions
(AFP) 11 hours ago
DETROIT, Michigan More than 450 Chrysler bosses including ex-chairman Lee Iacocca sued Daimler AG and Cerberus Friday claiming they lost 100 million dollars in pensions in the automaker's bankruptcy.
One of the lawyers, Sheldon Miller, said supplemental pensions were not transferred to the new Chrysler during its restructuring in 2009 and "as a result, each of the plaintiffs lost large percentages of their earned retirement pensions."
The class action lawsuit launched on Friday claims Daimler failed to protect the supplemental pensions properly.
Daimler could have converted pensions into annuities, a step they took for active executives in 2005 when Chrysler was first experiencing difficulties, Miller said.
(Excerpt) Read more at google.com ...
Iacocca actually earned his pension! Chrysler would have been dead without him.
All swept away, like it never happened.
And that would have been better for everyone.
Thanks for the ping.
That’s life. Lots of pension pain coming, and I know nobody here will shed a tear.
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