RETIREES SUE HUGHES FOR $1 BILLION
RETIREES SUE HUGHES FOR $1 BILLION TUCSON, Ariz., Jan. 21 /PRNewswire/ -- A lawsuit was filed in the
Tucson branch of the Federal District Court today against the Hughes Aircraft Company and its pension plan covering salaried retirees. The suit, which seeks to compel Hughes to turn over in excess of $1 billion in pension surplus to participants of the plan, was brought by a group of Hughes salaried retirees residing in Tucson. The action was brought as a class action on behalf of all plan participants.
The suit, which was brought under the federal law protecting workers' pensions, alleges that over $1 billion in surplus assets has accumulated in the pension plan and that Hughes is using this surplus exclusively for its own benefits. The retiree suit alleges that the surplus was due in part to the retirees' own contributions to the plan, but that none of it is being passed back to them. The suit seeks to have all or a portion of the surplus turned over to plan participants in the form of increased pension benefits. The retirees are represented by: Sipser, Weinstock, Harper & Dorn, Attention: Jerome Tauber, Esq., 380 Madison Avenue, New York, N.Y. 10017, 212-867-2100; Telefax No.: 212-986-8365. -0- 1/21/92 /CONTACT: Stan Jacobson of Hughes Salaried Retirees Action Committee, 602-886-0504/ CO: Hughes Aircraft Company ST: Arizona IN: ARO SU: FC-OS -- NY109 -- 2001 01/21/92 15:51 EST
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|Date:||Jan 21, 1992|
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