Former GM execs sue to recoup retirement benefits cut during bankruptcy

DETROIT -- 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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Lord Tammerlain said:

Why those lazy good for nothing union worker seeking to reinstate their golden retirment packages



Opps I spoke to soon

http://www.autonews.com/apps/pbcs.dll/article?AID=/20110510/OEM02/110519986/1424



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 restored

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Councilman said:

I was set to say they had a deal so pay them what the contracts said, but anyone who can't live on $2 million plus needs to be bitch slapped into reality.

Yhese people should be fixed for life without any more money, unless they managed their money like they did GM.

I put a bit of the blame for the GM mess on the UAW.

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