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A federal judge has granted preliminary approval of the $32 million settlement -- announced in August -- for former Los Angeles Times auto writer Dan Neil and Tribune employees. The final hearing is set for January 30. The plaintiffs contended that the leveraged buyout that resulted in creation of an employee ownership plan violated federal pension law. Tribune staffers became owners of the company when it was taken private by Sam Zell in 2007. The company filed for bankruptcy protection one year later. (more...)
A federal judge has granted preliminary approval of the $32 million settlement -- announced in August -- for former Los Angeles Times auto writer Dan Neil and Tribune employees. The final hearing is set for January 30. The plaintiffs contended that the leveraged buyout that resulted in creation of an employee ownership plan violated federal pension law. Tribune staffers became owners of the company when it was taken private by Sam Zell in 2007. The company filed for bankruptcy protection one year later. (more...)
Judge OKs $32 million settlement for Tribune employees
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16 comments:
Now let's go after the 300 to 400 million that Zell pilfered from our retirement fund. The fund that was converted from a determined retirement plan to the Cash Balance plan(you'll work till you die plan).
They tried to rip us off on the esop, but we got em. But they got us with the so-called over funded retirement fund bullshit that Zell used to rob the little people. They give back 32 million but keep 400 million. WTF
I understand our take is 1,500 per employee.
If you are a pressroom employee your "take" will be zero because the pressroom did not participate in the new ESOP like the rest of the company due to it not being in the contract.
Opps.......
Not good, I wonder why it wasn't?
I guess it's not easy being the "LEADER" and being responsible for makeing the right decisions for others and then having to be held accountable for what you have done!!!!
This payout has nothing to do with the “New ESOP”, just thought you would like to know? And while I’m at it, is the new ESOP worth giving up a week of vacation?
If you are a pressroom employee your "take" will be zero because the pressroom did not participate in the new ESOP like the rest of the company due to it not being in the contract.
What will your take be when you are part time? The Mailroom and Paper handlers had no contract. Look at all the part timers coming in now. George Orwell said. " It is a constant struggle to simply see what's in front of one's nose".
Nice one Ed ( I still dont think "they " understand )
This payout has EVERYTHING to do with the new ESOP.
The lawsuit, which was filed in November 2008 following the purchase of the Tribune Co. by Sam Zell and his company, raised claims on behalf of participants and beneficiaries of the Tribune Company Employee Stock Ownership Plan (ESOP). The lawsuit challenged the Leveraged ESOP buy-out of the company. The complaint alleged Defendants breached their fiduciary duties by causing the ESOP to pay more than fair market value for the Tribune stock purchased in April, 2007 by Sam Zell. Also alleged was that Defendants caused the ESOP to purchase unregistered stock at a time when the Tribune stock was trading on the public market and engaged in prohibited transactions under ERISA. The U.S. Department of Labor commenced an investigation of the Leveraged ESOP Transaction and asserted claims against Tribune which were also raised.
Under the terms of the settlement, Tribune and GreatBanc will collectively pay the settlement amount of $32 million to the employees in the ESOP.
You have not lost a week of vacation YET. Contract expired on June 30th and it may just be a matter of time before an impasse is declared and the times can then implement their "last, best, and final offer"
Thank god for all the protection this union contract gives us. No vacation freeze, no part time, no pay increase, no 401k match, no severance pay, yes, we are surely protected, aren't we?
The LAT union press workers keep getting bend over, if it isn't the Times doing the driving , it's the union with their 70 a month dues for a crappy contract. I hope at least one person got a sweet deal out of this. NO severance, no 1500 payout, really no job security. I don't blame you, I wouldn't pay for that union representation either.
The LAT union press workers keep getting bend over, if it isn't the Times doing the driving , it's the union with their 70 a month dues for a crappy contract. I hope at least one person got a sweet deal out of this. NO severance, no 1500 payout, really no job security. I don't blame you, I wouldn't pay for that union representation either.
I think all the employees are bending over. That is the ones that are still employed.
Rumor has it . The union has voted themselves a 500 dollars a month. That is to the President, Vice President, The Secretary, and Treasurer. Also no dues to be payed by Shop Stewards. I wonder also If Gary Bunch is part of the 500 dollars also or is he going to Pffafinger for some money again.
"The LAT union press workers keep getting bend over, if it isn't the Times doing the driving , it's the union with their 70 a month dues for a crappy contract. I hope at least one person got a sweet deal out of this. NO severance, no 1500 payout, really no job security. I don't blame you, I wouldn't pay for that union representation either"
$2,000+ of union member’s money spent to have a grievance denied.... not good! Maybe the "leadership" should pick their battles a little better! But then again it's not their money!
I can see why I haven't been here in a while, I got tired of reading comments by Management and their brainwashed servants.
How come I can see through this propaganda and the others cannot?
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