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Boeing Loses $150M Fight With Spirit Over Pension Benefit Costs
Bloomberg BNA July 16, 2018
"Boeing Co. couldn't persuade the Delaware Supreme Court to reverse a ruling that left it on the hook for about $150 million in employee benefit costs in a long-running dispute with Spirit Aerosystems Inc. Under the parties' purchase agreement, Spirit never agreed to assume Boeing's liability for pension and retiree medical benefits, a three-justice panel held July 12. Spirit agreed only to credit the Boeing employees' past service with Boeing for the purpose of determining their eligibility for benefits under Spirit's own benefit plans, the justices said in affirming a lower court ruling." [The Boeing Co. v. Spirit Aerosystems, Inc., No. 5, 2018 (Del. July 12, 2018)]
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