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UNION WINS PENSION GUARANTEES FOR WORKERS

 UNION WINS PENSION GUARANTEES FOR WORKERS


Settlement Sets Pattern for Executive Life Insurance Junk Bond Losses
 News Conference at 2 p.m. (CST) Milwaukee
 The International Union of Electronic Workers has won a landmark


legal victory guaranteeing the security of pension benefits for workers whose retirement monies were lost in junk bond deals orchestrated by Executive Life Insurance of California, Michael Milken and Drexel Burnham Lambert. This information will be released at a 2 p.m. (CST) news conference, Thursday, May 14, at the Park East Hotel, 916 E. State St., Milwaukee.
 In the class action suit, IUE v. MagneTek, the union filed on behalf of all the participants and beneficiaries of the MagneTek General Retirement Plan concerning actions and dealings undertaken by MagneTek and particularly, their dealings with Executive Life Insurance of California. Executive Life's failure was the most devastating insurance industry failure in U.S. history.
 This case also spurred a series of lawsuits by the U.S. Department of Labor which is considering the IUE v. MagneTek solution as a model for more than 80 companies involving several hundred thousand workers which bought pension annuities through Executive Life.
 A class action meeting will be held at 6:30 p.m., May 14, at Serb Hall, 5101 West Oklahoma Ave., Milwaukee, to review the substance of the settlements and the mechanics of the agreement.
 NOTE: A case is currently available. Call the contacts listed below to have it faxed.
 CONTACT: Scott Treibitz, 202-775-0538 or after hours, 703-243-2634; or Steve Hahn, 202-296-1208, both with the International Union of Electronic, Electrical, Salaried, Machine and Furniture Workers, AFL-CIO.
 -0- 5/12/92


CO: International Union of Electronic, Electrical, Salaried, Machine
 and Furniture Workers; Executive Life Insurance of California ST: District of Columbia, Wisconsin, California IN: INS SU:


IH-DS -- DC025 -- 9398 05/12/92 18:14 EDT
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Publication:PR Newswire
Date:May 12, 1992
Words:305
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