In a May 29 decision long dreaded by union coal miners, a bankruptcy court in St. Louis agreed that Patriot Coal has the right to void its collective bargaining agreements and cancel its pension and retirement obligations to 20,000 workers and family members.
The United Mine Workers of America (UMWA) argued in court that Patriot should not be let out of its debts, charging that its parent company, Peabody Energy, had designed Patriot to fail as a ploy to get out of $1 billion in retiree obligations. According to a financial analysis by Temple University Professor of Finance Bruce Rader, Patriot Coal was spun off from Peabody Energy with 42 percent of Peabody’s liabilities, but only 11 percent of its assets.
Read the complete story at In These Times.
- RRB: Credit for military service under the Railroad Retirement Act
- 2022 Tentative Agreement ratification results and next steps
- Split decision: Unions for engineers and conductors take different routes in freight rail contract ratification vote
- Balloting closes TONIGHT for tentative national rail agreement
- SMART-TD, BLET town hall yields facts about tentative agreement
- A message to veterans from President Ferguson
- Important update for all SMART-TD and BLET members included in national negotiations
- BLET, SMART-TD to host Town Hall meeting on November 9
- Update on SMART-TD balloting for National Rail Tentative Agreement
- Rule of 2 comment period extended by FRA to Dec. 21