Wednesday, May 21, 2008
The London Free Press
Workers sue for pension money
The London Free Press reported today on a class action brought by former London Life employees for $11 million in pension surplus. The employees were recently certified as a class by the Superior Court of Justice, a decision that allows the lawsuit to proceed as a class action.
The London Free Press notes that most of these workers were between 40 and 50 years old and had 20 years of service when they were fired, which left them just short of being able to collect a pension. They "previously won a ruling from the pension branch of the Financial Services Commission of Ontario in 2000 allowing them more pension money as part of their partial plan windup. The workers also won an appeal of that ruling."
Now these workers are seeking their share of the surplus funds in the pension plan. London Life claims that it owns the surplus.
For more information about this class action, click here
