*NEWS*SHAME ON XEROX

[Anonymous]

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.

[Author]

July 17, 2006 at 11:09 AM