Peabody Energy Appeals Patriot Retiree Benefit Decision

Law360, New York (September 17, 2013, 3:15 PM EDT) -- Peabody Energy Corp. on Friday took steps to avoid paying health care benefits to some 3,100 retirees it assumed from bankrupt Patriot Coal Corp., appealing an Eighth Circuit panel’s decision finding that it is obligated to fund the benefits.

The company, Patriot’s former parent, said its contractual obligations to pay for the retiree benefits will terminate on Jan. 1, 2014, the same day Patriot’s new labor agreement with the United Mine Workers of America goes into effect.

Under the new labor agreement, retirees will receive their...
To view the full article, register now.