Why those lazy good for nothing union worker seeking to reinstate their golden retirment packages
Opps I spoke to soon
They couldnt manage GM out of a wet paper bag, led the company to bankrupcty and want their truely golden retirment packages (compared to union workers) to be restoredDETROIT -- More than 100 former General Motors executives have sued the automaker in federal court to recover pension benefits reduced during the automaker's 2009 bankruptcy.
The retirees are trying to recoup all benefits, in addition to interest, and asked the court to order GM to accurately pay future retiree benefits, The Detroit News reported today.
The lawsuit was filed Monday in U.S. District Court in Detroit.
According to the complaint, retired and former executives suing the automaker include John Middlebrook, former vice president of vehicle brand marketing; Richard Nerod, retired president of GM-Latin America, Africa and Middle East; and Don Hudler, a retired vice president and former head of Saturn.
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GM saved $221 million by ending a portion of its Supplemental Employee Retiree Plan, the paper said.
GM's top executives also saw their pensions cut by two-thirds. Former GM CEO Rick Wagoner's pension fell from roughly $20 million to about $8.5 million.
The automaker saved $4.6 billion by slashing pension and retiree health care outlays during its bankruptcy reorganization, GM disclosed in federal filings related to its initial public offering last year.
GM said it saved $2.7 billion by eliminating health care benefits for salaried retirees 65 or older and eligible for Medicare, and by capping the amount it will spend on health care for salaried retirees younger than 65.
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