High Court Deals Setback to Xerox Over Pension Case
In the latest blow for employers with cash-balance plans, the Supreme Court denied Xerox Corp.’s application for a stay in Berger v. Xerox, a case the company lost in the Seventh U.S. Circuit Court of Appeals this summer, Thursday’s Wall Street Journal reported.
The decision not to grant a stay means there is probably little chance the high court will consider a future appeal from Xerox, legal analysts said.
The denial, which was dated Tuesday but made public yesterday, also leaves open the question of when Xerox will begin paying out approximately $256 million it owes to about 14,800 former workers whose employment ended from 1990 to 2000. In the first quarter, the company took an after-tax charge of $183 million in anticipation that it might lose the case on appeal to the Supreme Court.