Retirees fight for benefits from bankrupt U.S. companies

08/12/2010 | Wall Street Journal, The

U.S. retirees who lost medical, disability and pension benefits when bankruptcy judges relieved companies in Chapter 11 protection of their obligation to provide such benefits are increasingly fighting to get them back, and many are winning. Some companies dropped their proposal to cut benefits when confronted with former employees ready to fight them in court. Nortel Networks withdrew a plan to cut off benefits after a Justice Department watchdog noted that it paid $50 million in bonuses to executives while in liquidation.

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