Court rules against the Victims of Brookfield
September 20th, 2012 | Posted in Financial News | 2 comments »
The Communications, Energy and Paperworkers Union of Canada is disappointed a court decision has blocked a civil suit in Quebec against the Directors of Fraser Papers.
The CEP is representing Fraser Papers retirees from Quebec and New Brunswick who had their pensions cut by up to 40% when their employer filed for bankruptcy protection.
The pensioners claimed the directors of the former Fraser Papers were grossly negligent in their management of the pension plan.
Fraser Papers was majority-owned by Brookfield Asset Management which organized the restructuring of Fraser Papers to escape its pension obligations.
“We were taken advantage of by a multi-million dollar corporation,” says Clyde Winchester, president of the Edmundston retirees association, and one of the victims of Brookfield. “Our politicians, also our lawmakers let it happen and now the judicial system is failing us.”
“This decision reveals again how broken and unfair our pension system is” said CEP President Dave Coles. “We are very disappointed in the decision on the Quebec case and we regret that our Quebec members cannot pursue this case against the Fraser Brookfield Directors. However we will continue to pursue every legal and political opportunity in New Brunswick and Quebec to win a measure of justice.”
Source: CEP
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Here here fed up! Coles and his cronies are always telling union dues paying members not to worry, we will persue this in every court possible until we get a ruling in our favour. Ya, whatever Coles, please shut your mouth and actually do something positive for labour rather than pissing and moaning about what you think should happen or your own chance to hear yourself speak in public about idle promises you actually think you can convince Johnny Paycheck that you will improve his life by keeping the CEP around. People pay union dues for job protection, benefits protection, and to have a pension for retirement living. All 3 of these things the CEP has not been able to provide so why should we bother having another exspense such as union dues when we could be putting that money towards rrsps? At least this way we would be dodging the bullet of the companies wanting to reduce retirement pensions and paying for Coles and his looser henchmen wineing and dineing on our dollar.As far as wages and job security- those days havebeen long gone……. I think since we have been taking wage cuts and accepting job cuts recomended by the CEP. So really, why do we pay union dues?
the national unions are in bed with the companies what do they care they still have a job and paycheck. I totally agree. I was a strong union man but right now I’m not to impressed. the union hasn’t done much for it’s members