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MUTUAL OF AMERICA SEEKS JUDICIAL RESOLUTION OF DISPUTE WITH UNITED WAYS OF TRI-STATE

 MUTUAL OF AMERICA SEEKS JUDICIAL RESOLUTION OF
 DISPUTE WITH UNITED WAYS OF TRI-STATE
 NEW YORK, March 17 /PRNewswire/ -- Mutual of America, in an action filed yesterday in the U.S. District Court for the Southern District of New York, sought non-monetary declaratory resolution of its ongoing commercial dispute with the United Ways of Tri-State.
 The action also includes a claim of defamation against Betty S. Beene, chief executive of Tri-State, for her false and malicious statements about Mutual of America, published in a New Jersey newspaper.
 Mutual's action arises out of a dispute over the present valuation of certain of Tri-State's pension obligations.
 "Mutual of America regrets that it has been forced to seek a judicial forum to resolve its dispute with Tri-State," said Thomas Moran, president of Mutual of America. "However, it is clear from recent public statements by Ms. Beene that Tri-State is attempting to deny responsibility for its commitments."
 In pursuing a non-monetary declaration, Mutual is not seeking damages from Tri-State. No money raised through donations to the United Way will go to Mutual as a result of this action. "We are simply asking a federal court to review the issues and decide the correct interpretation of relevant laws and IRS regulations," Moran said.
 The claim of defamation arises out of Beene's false allegations in a story published in the March 15 Bergen Record that the directors of Tri- State were not informed about -- and did not approve -- the size and scope of its pension obligations. She further falsely alleged that only Tri-State's past president and Mutual were aware of the true nature of the pension obligations, implying that the previous directors and senior officers were misled.
 "Whatever the political motivation may be behind the second-guessing of previous directors of United Ways of Tri-State by its current chief executive, is solely an internal matter for that organization to sort out," Moran said. "Mutual of America did not determine the compensation or fringe benefits of any officer, employee, or director, of United Ways of Tri-State, past or present."
 "Our position -- which we have attempted numerous times to explain to United Ways of Tri-State and its counsel, Kaye, Scholer, Fierman, Hays & Handler -- is more fully spelled out in our complaint," he said.
 -0- 3/17/92
 /CONTACT: Thomas Moran, president of Mutual of America, 212-399-7521/ CO: Mutual of America; United Ways of Tri-State ST: New York IN: FIN SU:


SM-CK -- NY056 -- 8779 03/17/92 12:48 EST
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Publication:PR Newswire
Date:Mar 17, 1992
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