Peabody, Arch Dodge Coal Miners' Suit Over Patriot Spinoff

Law360, Los Angeles (September 27, 2013, 3:56 PM EDT) -- A West Virginia federal judge on Friday dismissed a lawsuit by retired coal miners accusing Peabody Energy Corp. and Arch Coal Inc. of trying to avoid retirement liabilities by spinning off the miners' retiree health benefits to now-bankrupt Patriot Coal Corp., saying the Employee Retirement and Income Securities Act doesn't protect a benefit plan's financial stability.

U.S. District Judge Joseph Goodwin rejected the coal miners' interpretation of ERISA, saying the statute only guards the individual rights of employees to qualify for benefits, not the financial security...
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