Challenging The Evasion Of ERISA Pension Liability

Law360, New York (July 3, 2012, 12:18 PM EDT) -- The Pension Benefit Guaranty Corp. (PBGC) filed an objection on June 14, 2012, in the Delaware bankruptcy court proceedings of RG Steel LLC (debtor), challenging a recent sale by RG Steel's parent entity of a 25 percent ownership stake in the debtor.

If the sale is respected, the parent would fall outside of the debtor's "controlled group" under the Employee Retirement Income Security Act, with the result that the parent may cease to have joint liability for the debtor's unfunded pension obligations.

According to the PBGC,...
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