SHAME ON XEROX

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SHAME ON XEROX

 user 2006-07-17 at 11:10:00 am Views: 60
  • #16098

    Xerox seeks lower payments in pension case
    (July
    2006) – An expert witness for Xerox Corp. said today in U.S. District
    Court in Rochester that the court should use a more open standard in
    deciding how much money a group of workers in a pension case are
    owed.Judge David Larimer will decide how much money a group of Xerox
    workers will receive.In January, the Second Circuit of the U.S. Court
    of Appeals in New York City ruled that Xerox did not properly inform
    workers who left the company and were later rehired about a change in
    their pensions, costing them years of service toward retirement. The
    appeals court sent the case back to Larimer.In the second day of a
    hearing that began Tuesday, Lawrence J. Shur, an actuary, testified
    that the plaintiffs’ interpretation of payments focused too narrowly on
    one section of Xerox’s benefit plan guidelines. That section would
    produce payments that would be unfairly high. Shur said a broader
    reading of Xerox’s plan would lower those payments.Plaintiffs’ attorney
    Robert Jaffe has said his 100 clients could be owed between $35 million
    and $50 million, and the case could spread to more retirees.Jaffe
    planned to cross examine Shur this afternoon. It is unclear when
    Larimer might rule.