Re(2): Parker lawsuit IP: 173.65.64.243 Posted on February 3, 2010 at 01:58:48 AM by Larry Vincent
To all Retirees,
Parker Lawsuit. The court has ruled that the Trustees must pay the legal fees for Wayne Thomas. Since this ruling, Atty. Wayne thomas does not have to move ahead with another Motion that he had drawn up. Thomas had a Motion prepared asking that all Retirees be forced to be part of the "Class." Since Mondays ruling, this Motion is no longer needed. (Scenario) If the court had ruled that the class members had to pay Thomas' attorney fee, he would have filed his Motion to force all Retirees into the "Class." That would include forcing the 243 "OPT-OUTS into the class against their will. In other words, Atty Thomas' greed forced him to be ready to force the "OPT-OUTS" into the class so he could collect his attorney fees from them too. GREED is the key word here. We Retirees are getting hammered by GREED. First the multiplier which left us out high and dry, key motive-Greed. (Old news now.) Today, greed again. This time in the form of undeserved attorney fees for Thomas. Retirees are being run over by greed and those who savor it. Now that the question of who pays attorney fees is settled we must look ahead to what must be done. If the Trustees have to pay the attorney fees, it comes from the fund, i.e., our money. So, you might say we Retirees and Actives both have to pay. In order for our fund to not take another financial hit, I fully expect the Trustees to file a claim against the D&O Policy that was in effect. The D&O Policy, (Directors & Officers Policy) will pay if the Trustees didn't do as they should have done. The judge said the error was an omission by the Trustees so I believe the D&O Policy should pay off. Our fund has got to cut down on large amounts of money going to pay for this type of loss. It is possible that our funds legal fees and costs could cause Rtirees to not get a 13th.Check. If the margin of gains and losses is real close, our legal fees alone could cause the fund to be in a loss mode and therefore deny Retirees a 13th. Check. Remember, Retirees only get a 13th. Check when the fund is in a gain mode, based on all sources of funding. Bottom line, these lawsuits against the Trustees/fund have got to stop. It is costing us all a fortune. You all should know that there is an attorney out there who is lurking around in the weeds looking for ways and things to sue the fund over. Example; the Parker Lawsuit. It was handed to an attorney, to be filed against our fund and Trustees. This attorney who has prosecuted this lawsuit had no past experience in pension matters at all. He will collect a large attorney fee for his efforts. It just so happens that the Parker Lawsuit could be an example of an abuse of the legal system and it will be costly. The saddest part of all this is the fact that the Trustees were in the process of preparing to pay the 13th. Check when this unnecessary lawsuit was filed. If you remember, fund Attorney Ron Cohen had done another review of SS 112.61 and concluded that a 13th. Check was due and payable to eligible Retirees and Spouses. Then the lawsuit was filed and our monies became tied up in litigation. We all had to wait longer than necessary to get our checks and are still waiting for the balance owed. For those that feel my post is off the line, please send your comments, on-line, and I will answer. That goes for members, attorneys or whosoever. Let us all keep in mind one thing. While all this legal juggling goes on, each Retiree and Spouse is going without long over due/needed monies that are owed and still being tied up in these drawn out proceeding. These are my opinions and are veriafiable.
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