Solutia Plan Draws Objection From Dept. Of Labor

Law360, New York (November 28, 2006, 12:00 AM EST) -- The U.S. Department of Labor has filed an objection to bankrupt chemical products maker Solutia Inc.’s proposed reorganization plan, claiming it might violate the Employee Retirement Income Security Act.

According to the objection filed Monday by Secretary of Labor Elaine Chao, Solutia’s Chapter 11 plan contains language that either violates or could be construed to violate ERISA. The objection urges the court not to confirm the plan if the debtors don’t amend it to address the DOL’s concerns.

The DOL has been investigating the Solutia Inc....
To view the full article, register now.

UK Financial Services

UK Financial Services

Read Our Latest UK Financial Services Coverage

Financial Services Law360 UK provides breaking news and analysis on the financial sector. Coverage includes UK and European Union policy, enforcement, and litigation involving banks, asset management firms, and other financial services organizations.