More than 100 General Motors executive retirees have sued the company for failing to pay pension benefits after the automaker's historic bankruptcy in 2009.
The lawsuit states that GM's pension plan administrator wrongly rejected retirees' claims for a higher payout. Plaintiffs are seeking to recover millions of dollars in lost benefits in addition to interest and legal fees.
To reduce benefits after bankruptcy, GM is combining salaried retirement benefits with a separate benefit given to executive retirees. In court filings, the plaintiffs' lawyers claim that under the modified retirement plan, only benefits of more than $100,000 a year are to be reduced, and not benefits under $100,000.
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