Today, the 6th Circuit Court of Appeals upheld a District Court ruling that dismissed a $450 million claim against General Motors.
The United Auto Workers had claimed that GM was obligated to contribute $450 million to the health care plans of Delphi retirees. The parts supplier subsidiary of GM filed for bankruptcy in 2005, at which time the UAW originally claimed Delphi was responsible for the $450 million contribution.
In 2007, as Delphi was still in bankruptcy, Delphi, GM and the UAW entered into a memorandum of understanding, wherein GM agreed to contribute the $450 million to the UAW members’ retirement. GM entered into two more subsequent agreements to contribute the $450 million.
Continue Reading for Free
Register and gain access to:
- Breaking benefits news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical converage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
Nick Thornton
Nick Thornton is a financial writer covering retirement and health care issues for BenefitsPRO and ALM Media. He greatly enjoys learning from the vast minds in the legal, academic, advisory and money management communities when covering the retirement space. He's also written on international marketing trends, financial institution risk management, defense and energy issues, the restaurant industry in New York City, surfing, cigars, rum, travel, and fishing. When not writing, he's pushing into some land or water.
