Retired Coal Miners Sue Peabody, Arch Over Patriot Spinoff

Law360, New York (October 24, 2012, 6:20 PM EDT) -- Peabody Energy Corp. and Arch Coal Inc. can't avoid their retirement obligations to 10,000 retired workers just because they spun off their pension plans to now-bankrupt Patriot Coal Corp., the United Mine Workers of America alleged in a class action filed Tuesday in West Virginia federal court.

The mine workers' union alleged that Peabody Energy and Arch Coal spun off some of their subsidiaries, which eventually combined into Patriot Coal, specifically to shed their burdensome retirement liabilities. 

Those actions violated both the Employee Retirement Income Security...
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.