traderjake
Veteran
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Pi brat said:From reading the PIC update you seem to be talking about the Silver Eagles suit.
You're right, I'm wrong.
Pension Investigation Committee Update
Jul. 09, 2014
Dear Pilots:
It has come to our attention that there is some confusion regarding our planned appeal of the recent ruling in our case against the PBGC, and the recent developments in the Soaring Eagles case. Although both cases involve pilots of US Airways, and both cases were brought against the Pension Benefit Guaranty Corporation (“PBGC”), the two cases are very different substantively, and are at very different procedural points.
The Soaring Eagles case involved claims by retired pilots of US Airways, which basically challenged the pension calculations and distributions PBGC made following the termination of the pilots plan. The Soaring Eagles challenge was unsuccessful at the trial court level, was unsuccessful at the appellate level, and the US Supreme Court has refused to review the appellate court decision. As such, the Soaring Eagles case is essentially over.
Our case against PBGC -- for breach of fiduciary duty with regard to the agency’s service as trustee of our terminated plan -- is still ongoing. In an earlier update, we informed you of last month’s decision by Judge Frederic Scullin in our case and explained the positives and negatives of that decision. In a recent meeting, the Board of Pilot Representatives reaffirmed its authorization for the pursuit of an appeal of Judge Scullin’s decision, and we intend to move forward with that appeal this month
.
We anticipate briefing on the appeal will extend over a period of several months, that the case will be argued several months following the completion of the briefing, and that our appeal will be decided several months after argument. While not assured, we hope to have a ruling from the appellate court within 12 -18 months from the filing of our notice of appeal.
Please feel free to be in touch with any member of the Pension Investigation Committee if you have any questions or concerns about our appeal. In any event, we will keep you updated as our appeal progresses.
Sincerely,
The Pension Investigation Committee