Former Chrysler execs file class-action suit over pension losses

Filed under: Government/Legal, Chrysler, Mercedes-Benz

More than 450 executives from Chrysler’s white collar force, going all the way back to Lee Iacocca, have sued Daimler and Cerberus for gutting the value of their collective supplemental pensions to the tune of $100 million. They class action suit took the noted step of not suing Fiat-owned Chrysler, with the lead attorney saying that “Everybody involved in this suit loves that company and like everybody else wants to see it succeed.”

Plaintiffs accuse Daimler and Cerberus of not adequately protecting the supplemental pensions from creditors as Chrysler’s health slid from trouble to terminal. Those pensions weren’t moved to the new Chrysler, and now the former execs are paying the price. Follow the jump for a press release from the lead firm handling the case.

[Source: AFP]

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Former Chrysler execs file class-action suit over pension losses originally appeared on Autoblog on Sun, 12 Sep 2010 11:07:00 EST. Please see our terms for use of feeds.

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