Judge OKs Northwest Pilot Pension Freeze

Law360, New York (January 31, 2006, 12:00 AM EST) -- A New York judge has approved a plan by bankrupt Northwest Airlines Corp. to freeze its pilot pension plan and lower lease and loan payments for some of its aircrafts.

Pilots for the embattled airline, represented by the Air Line Pilots Association, agreed last week to freeze their pensions rather than wait for a federal bailout that could ultimately result in lower payouts.

An overwhelming majority of the pilots—over 80%—opted to approve the freezing measure as Northwest prepares to switch to a retirement plan built on...
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.