Fed’s $30M Lawsuit Over Findlay Industries’ Pension Revived

Sept. 4, 2018, 8:00 PM

The Pension Benefit Guaranty Corporation scored a big win when a federal appeals court revived its $30 million lawsuit against Findlay Industries Inc.'s top executives—a father and son—following the shutdown of the company’s operations in 2009.

The U.S. Court of Appeals for the Sixth Circuit Sept. 4 reversed a 2016 district court decision against the federal pension insurer. The district court held that the PBGC couldn’t fund the benefits of Findlay retirees by collecting from the companies that purchased Findlay’s assets or an irrevocable trust established by the company’s founder.

The split decision is a victory for the PBGC in ...

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