UK Pensioners Condemn Reader's Digest Disclosure

Law360, New York (November 17, 2009, 1:09 PM EST) -- The pension fund of the Reader’s Digest Association’s U.K. arm has slammed the bankrupt media company’s disclosure statement, saying it fails to consider the company’s underfunded pension plans.

Reader's Digest is ignoring the risk that U.K. regulators will take action against it if it tries to slough off its obligations on its U.K. subsidiary, the Reader’s Digest Pension Trustees said in an objection filed Monday in the U.S. Bankruptcy Court for the Southern District of New York.

The fund also took issue at not receiving notice...
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