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Chrysler bosses sue over lost pensions(Lee Iacocca, one of them)
AFP ^ | 09/10/10

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 ...


TOPICS: Business/Economy; News/Current Events
KEYWORDS: bankruptcy; chrysler; pension; suit

1 posted on 09/11/2010 2:54:38 AM PDT by TigerLikesRooster
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To: TigerLikesRooster; PAR35; AndyJackson; Thane_Banquo; nicksaunt; MadLibDisease; happygrl; ...

P!


2 posted on 09/11/2010 2:55:27 AM PDT by TigerLikesRooster (The way to crush the bourgeois is to grind them between the millstones of taxation and inflation)
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To: TigerLikesRooster

Iacocca actually earned his pension! Chrysler would have been dead without him.


3 posted on 09/11/2010 3:09:02 AM PDT by Anti-Bubba182
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To: Anti-Bubba182
Iacocca actually earned his pension! Chrysler would have been dead without him.

All swept away, like it never happened.

4 posted on 09/11/2010 3:13:26 AM PDT by Steely Tom (Obama goes on long after the thrill of Obama is gone)
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To: TigerLikesRooster
Big 3 Drag Race
5 posted on 09/11/2010 4:09:20 AM PDT by musicman (Until I see the REAL Long Form Vault BC, he's just "PRES__ENT" Obama = Without "ID")
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To: Anti-Bubba182

And that would have been better for everyone.


6 posted on 09/11/2010 5:53:34 AM PDT by mulligan
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To: TigerLikesRooster

Thanks for the ping.


7 posted on 09/11/2010 7:46:34 PM PDT by GOPJ (http://www.americanthinker.com/blog/2010/09/the_power_of_images_turned_aga.html)
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To: TigerLikesRooster

That’s life. Lots of pension pain coming, and I know nobody here will shed a tear.


8 posted on 09/13/2010 3:41:04 AM PDT by Wolfie
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