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Retired Chrysler Execs Lose Pension Lawsuit
A federal bankruptcy judge has rejected an appeal by four retired Chrysler Group LLC executives who sought to have their pension benefits restored, The Detroit News reports.
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A federal bankruptcy judge has rejected an appeal by four retired Chrysler Group LLC executives who sought to have their pension benefits restored, The Detroit News reports.
The complaint was brought by former Vice Chairman Bob Lutz, manufacturing head Gary Henson, Chrysler Financial executive Donald Miltz and quality chief Richard Schaum.
The retirees contend they should not have been stripped of more than $10 million in pension benefits during Chrysler's bankruptcy in 2009. The company left behind in Chapter 11 the portion of its Executive Retirement Plan that involved former managers. But it retained its obligations to active executives.
The judge ruled that the trust that handles the remnants of "Old Chrysler" is not required to assume those pension liabilities.
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