About 7,500 General Motors workers recently agreed to a buyout of early retirement incentives and leave the company. Chrysler, Ford and many suppliers of the industry have also made offers to entice workers to take early retirement. This follows tens of thousands of other industry workers who have been bought-out…
About 7,500 General Motors workers have agreed to a buyout of early retirement incentives and leave, the company reported today. Chrysler has also agreed to extend its offers bo buy-out workers beyond tomorrow. This follows tens of thousands of other autoworkers workers who were in recent years persuaded to retire…
WASHINGTON – The Supreme Court ruled unanimously today that individual participants in 401(k) retirement plans can sue to recover their loses under the federal pension protection law. Over 50 million workers in the U.S. have a total of $2.7 trillion invested into 401(k) retirement plans which are governed by the…
Lawyers have filed a class action suit against Morgan Stanley for a group of former Eastman Kodak employees they say were persuaded to retire early and invest their retirement assets through Morgan Stanley. According to the Dow Jones News Wire, the class action is seeking nearly a half billion dollars…
State Street Corp. announced it established a pre-tax reserve of $618 million billion “to address legal exposure and other costs associated with the under-performance of fixed-income strategies managed by the company’s investment management arm,” blaming exposure to subprime mortgages. The company referenced “customer concerns as to whether the execution of…
The US Supreme Court is considering a case that could allow employees to file lawsuits involving the mishandling of their retirement funds. The issue involves the limits placed on lawsuits under the Employee Retirement Income Security Act (ERISA), which regulates private sector retirement plans and protects pension fund money from…