What's new

XPO | CNF and Its Actuarial Firm Allegedly Caused Retirees to Lose Millions in Pension Bene

B

brutus

TB Veteran
Credits
0
SAN FRANCISCO, CA, August 29, 2003 -- Lieff Cabraser Heimann & Bernstein, LLP, and Lewis & Feinberg, PC, announced the filing yesterday afternoon of a federal class action lawsuit, charging that the trucking and air freight conglomerate CNF, Inc., and its actuarial firm, Towers, Perrin, Forster & Crosby, Inc., caused the Consolidated Freightways Company, Inc., ("CFC") Pension Plan to become under-funded, costing retirees millions of dollars in lost pension benefits. In 1996, CNF spun off CFC Inc. to create a stand-alone, unionized trucking company at a time when the industry was being deregulated and non-unionized competitors were gaining market share. The lawsuit, entitled Paulsen, et al. v. CNF, Inc., et al., No. 03-3960 JW, was filed in United States District Court in San Jose.
August 29, 2003 Press Release - Lieff Cabraser Announces Class Action Lawsuit Against CNF, Inc.
Click to expand...
they did it once .
what going to stop them from doing it again?????
 
yo brutus....

they did it to the non union employees of cf...

union people's pension plans are administered by union pension plan's actuaries....

mikeeeeeeeeeeeeeeeeee
 
i dont know why anyone thinks cnf is responible for any short fall of pension. All pension funds are paid in by the co. and were paid.Do you people think just because they shut down and lost members thats why?The teamsters managed that money and if there is going to be a short that is the teamsters problem.The teamster management is what is wrong with the teamsters and the members are finding out the hard way.
 
trucker said:
i dont know why anyone thinks cnf is responible for any short fall of pension. All pension funds are paid in by the co. and were paid.Do you people think just because they shut down and lost members thats why?The teamsters managed that money and if there is going to be a short that is the teamsters problem.The teamster management is what is wrong with the teamsters and the members are finding out the hard way.
Click to expand...
It seems to me that you are misinformed.There is an equal number of company people managing the Teamster pension fund,so don`t go there.
 
hillbilly frog said:
Best thing to do is go to the Union/Non-Union Forum and start a new thread to discuss whatever issue you want to involving the union.
Click to expand...
I no I was just joking
 
trucker said:
i dont know why anyone thinks cnf is responible for any short fall of pension. All pension funds are paid in by the co. and were paid.Do you people think just because they shut down and lost members thats why?The teamsters managed that money and if there is going to be a short that is the teamsters problem.The teamster management is what is wrong with the teamsters and the members are finding out the hard way.
Click to expand...

Trucker, the article in question relates to the pensions of former CF management. Not the union members.

According to the article,not enough money was placed into the management pension fund when CF was spun off.
 
You must log in or register to reply here.
Top