A federal appeals court on Wednesday rejected a lawsuit by more than 100 retired General Motors executives over cuts to their retirement benefits.
As a condition of the U.S. Treasury’s $49.5 billion GM bailout in 2009, the bankrupt automaker was required to cut, by two-thirds, executive pensions that exceeded $100,000 a year.
The retired executives who sued include a number of former GM vice presidents, including John G. Middlebrook, who was vice president and general manager of vehicle brand marketing. He also was a general manager of the Chevrolet Division and helped launch GM’s now-shuttered Saturn division.
Read Article