Del. Diocese Settles Pension Feud In Ch. 11

Law360, New York (June 24, 2011, 7:58 PM EDT) -- The Catholic Diocese of Wilmington Inc. on Thursday reached a settlement with lay employees that puts more than $40 million toward underfunded pensions, clearing the way for confirmation of the Delaware diocese’s Chapter 11 plan.

The official committee of lay employees, which includes some 1,900 current and former diocese workers, agreed to endorse the reorganization plan after securing funding that goes a good way toward making up a $60 million shortfall in the pension plan, committee counsel Donald Detweiler of Pepper Hamilton LLP said.

Forced into...
To view the full article, register now.