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    Third Circuit concludes that employees’ unvested retiree benefits are protected during an employer’s Chapter 11 bankruptcy
    2010-09-03

    In re Visteon Corp., No. 10-1944-cv, 2010 WL 2735715 (3d Cir. July 13, 2010), the Third Circuit held that Visteon Corporation (Visteon) could not terminate unvested retiree health and life insurance benefits during a Chapter 11 bankruptcy without seeking court approval pursuant to Bankruptcy Code § 1114, 11 U.S.C. § 1114. The Third Circuit’s decision departs from the rulings of many other federal courts, and is in tension, if not outright conflict, with the Second Circuit’s decision in LTV Steel Co. v. United Mine Workers (In re Chateaugay Corp.), 945 F.2d 1205 (2d Cir.

    Filed under:
    USA, Employee Benefits & Pensions, Insolvency & Restructuring, Litigation, Proskauer Rose LLP, Bankruptcy, Debtor, Federal Reporter, Life insurance, Ford Motor Company, Communications Workers of America, US Code, Title 11 of the US Code, Trustee, Second Circuit, United States bankruptcy court, Third Circuit, US District Court for District of Delaware
    Authors:
    Anthony S. Cacace , Russell L. Hirschhorn
    Location:
    USA
    Firm:
    Proskauer Rose LLP
    Court breaks from majority rule, granting retirees post-petition rights greater than pre-petition rights
    2010-09-13

    IUE-CWA v Visteon Corporation, 2010 WL 2735715 (3rd Cir July 13, 2010)

    CASE SNAPSHOT

    Filed under:
    USA, Employee Benefits & Pensions, Insolvency & Restructuring, Litigation, Reed Smith LLP, Bankruptcy, Debtor, Life insurance, Good faith, Collective bargaining agreements, Majority opinion, US Congress, Communications Workers of America, Trustee, Second Circuit, United States bankruptcy court, Third Circuit
    Authors:
    Christopher O. Rivas
    Location:
    USA
    Firm:
    Reed Smith LLP
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