logo
Share SHARE
FONT-SIZE Plus   Neg

Manitoba Telecom Services Updates On Pension Lawsuit - Quick Facts

Manitoba Telecom Services Inc. (MBT.TO) announced that on February 11, 2012, the Manitoba Court of Appeal ruled in its favour on a lawsuit regarding one of its Manitoba pension plans.

The litigation was commenced by a group of plaintiffs consisting of unions and retirees in respect of events that occurred starting in 1996, in advance of the Company's privatization.

In dismissing all of the plaintiffs' claims, Manitoba's highest Court confirmed that the Company complied with all of its legal obligations and has no liability to the plaintiffs, Manitoba Telecom Services said.

Today, the plaintiff group asked the Supreme Court of Canada for permission to appeal this decision. The company said that it will challenge today's request vigorously.

The Supreme Court is expected to announce whether it will grant the plaintiff group leave to appeal in the second half of 2012. Should the Supreme Court agree to hear this appeal, the Company and its external counsel believe that the Supreme Court would simply affirm the decision of the Manitoba Court of Appeal, though any decision would not be expected until the end of 2013 or the first half of 2014. There would be no expected cash or accounting impact to the Company during such period, Manitoba Telecom Services noted.

by RTT Staff Writer

For comments and feedback: editorial@rttnews.com

Business News

Quick Facts

Editors Pick
Wells Fargo's two former employees have filed a lawsuit against the bank, seeking $2.6 billion, on behalf of employees affected amid the unauthorized accounts scandal. The plaintiffs are seeking class-action status for the lawsuit. Former employees Alexander Polonsky and Brian Zaghi accuse Wells Fargo of wrongful termination. Tech entrepreneur Elon Musk unveiled plans for his space transport company SpaceX to build a rocket and spacecraft designed to start a self-sustaining city on Mars. The planned rocket system would be capable of taking people to Mars and supporting a permanent city on the red planet that could be achieved within 40 to 100 years. Amazon.com Inc. is launching free same-day delivery for its Prime members in Toronto and Vancouver as the busy holiday shopping season is fast approaching. Starting Tuesday, the online retailer will offer free same-day deliveries on orders over $25 of one million items in Toronto and 700,000 items in Vancouver. These items ranges from everyday household goods to toys, electronics and luggage.
comments powered by Disqus
Follow RTT