Chrysler in pension losses lawsuit

 

By Posted 12 Sep 2010, 20:59

Former Chrysler executives have started proceedings against Daimler and Cerberus for failings with their collective supplemental pensions, costing them $100 million.

Daimler and Cerberus are being accused at not protecting the pensions while the Chrysler brand fell into dangerously troubled times. While the deal was struck with the current owners Fiat, the guaranteed pensions were not moved to the new company causing over 450 former employees to suffer large percentage losses.

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An attorney for the plaintiffs, Sheldon L Miller said that no actions will be taken against Fiat as the new owners. He also said that “Everybody involved in this suit loves that company and like everybody else wants to see it succeed,” he added “The plaintiffs in our case are trying to assure that there won’t be similar hardships for Chrysler’s current employees, many of whom worked for and with the people involved in this suit. Nobody wants to hurt them or the new company’s chances for success.” Check out Autoblog for a full press release.

Source: AFP