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Former DaimlerChrysler Executives File Claim for Lost Pensions

Detroit, MI: A group of over 450 former employees and managers from Chrysler and DaimlerChrysler have filed a class action claim in Wayne County Circuit Court against Daimler and Cerberus to regain their supplemental pensions that were lost during Chrysler's reorganization and bankruptcy last year. The guaranteed pensions were not transferred to the new Chrysler during those proceedings and, as a result, each of the plaintiffs lost large percentages of their earned retirement pensions.

The attorney representing the plaintiffs, says many of the men and women participating in this lawsuit worked their entire lives at the company under the repeated promise that these pensions would be there and intact for their retirement years. The direct financial loss, in combination with the serious reduction in medical, health care and auto benefits resulting from the bankruptcy, is causing them to make drastic changes to their retirement plans at a time when they can't go out and find other jobs to supplement their incomes. There are no plans for any action against the new Chrysler.

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Last updated on Sep-10-10