Benefits & Executive Compensation News

Chicago Bridge & Iron Loses Suit Over $678,171 Pension Charge

April 6, 2020, 12:27 PM

Chicago Bridge & Iron Co. lost its lawsuit seeking reimbursement from two Alaska labor unions for $678,171 in pension liabilities it was forced to pay after losing its government contracts for U.S. Army bases in the state.

The engineering and construction company, which merged with McDermott International in 2018, can’t force the International Brotherhood of Electrical Workers Local No. 1547 or the Fairbanks Joint Crafts Council to cover the pension withdrawal liability it paid in connection with the military base projects, Judge Sharon L. Gleason of the U.S. District Court for the District of Alaska held April 3.

The dispute...

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