Delphi Continues To Underpay Pension Plan

Law360, New York (December 11, 2006, 12:00 AM EST) -- Embattled Delphi Corp. has gotten more than $1 billion behind in payments to its employees' pension plan since it filed for bankruptcy in 2005, according to the Pension Benefit Guaranty Corp.

Gary Pastorius, a spokesperson for the PBGC, said the amount is nearly $1.5 billion in unpaid employer contributions. The PBGC had filed a claim for $7.1 billion in underfunding in July.

The PBGC has filed claims for any funding contributions due and unpaid by the employer, and for unpaid insurance premiums. The PGBC is an...
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.