Why we need Social Security (formally known as Old Age, Survivors and Disability Insurance)(
AP) 28 June 2006
DETROIT (AP) - About 125,000 employees and retirees of the former Kmart Corp. will share in the $11.75 million settlement of a lawsuit that said former company executives acted improperly when they invested pension money in now-worthless Kmart stock.
[...]
The deal involves those who participated in Kmart pensions from March 15, 1999, to March 6, 2003.
[...]
The suit said company officials invested pension money in Kmart stock after the company filed for Chapter 11 bankruptcy protection on Jan. 22, 2002. It said the officials failed to exercise proper care for the pension money.
No kidding. In case you're wondering, $11.75 million divided by 125,000 employees comes out to $94 a person. (Presumably for, on average, 2 years of service.) That's essentially nothing.
posted by Quiddity at 7/02/2006 10:32:00 PM 
