LTV’s Pension Liability Upheld: A federal judge...
From Times Staff and Wire reports
LTV’s Pension Liability Upheld: A federal judge affirmed a U.S. Supreme Court ruling that ordered LTV Corp. to reassume liability for nearly $3 billion in employee pension plans that it stopped funding in 1987. The Dallas steel, aerospace and energy concern, which is in Chapter 11 bankruptcy reorganization, had opposed restoring the plans because it claimed that such a move could possibly force the company to liquidate. U.S. District Judge Robert Sweet of Manhattan rejected the position and granted a request by the federal Pension Benefit Guaranty Corp. to make LTV take back responsibility for the pension plans.
