Oneida Sues PBGC Challenging Pension Termination Fees

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11/22/2006: Oneida Sues PBGC Challenging Pension Termination Fees (Law.com)

Excerpt: The Oneida, N.Y.-based flatware maker filed a lawsuit in the U.S. Bankruptcy Court for the Southern District of New York in Manhattan against the Pension Benefit Guaranty Corp. In essence, the lawsuit challenges a new federal law that requires Oneida in particular to pay $6.9 million in termination fees that now applies to pension plan terminations occurring in bankruptcies filed after Jan. 1, 2006.

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