Deals and People January 11, 2010

Winston & Strawn Adds ERISA Specialist

January 11, 2010 (PLANSPONSOR.com) – The Winston & Strawn law firm has added James P. Baker, a specialist in the Employee Retirement Income Security Act (ERISA), to its San Francisco office.

Reported by

A news release said Baker regularly represents clients in federal district and appellate courts across the country. According to the announcement, Baker has acted as lead attorney in five ERISA stock-drop class-action cases.

“Jim will help us expand further an already key area of our practice,” said Rex Sessions, chairman of Winston & Strawn’s labor and employment relations department, in the news release.

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The announcement said Baker regularly authors articles and presents seminars on legal issues impacting employment benefits and currently serves as co-chair of the American Bar Association’s ERISA and Pension Litigation Subcommittee of the Committee on Business and Corporate Litigation. He is also a mediator on ERISA cases for the U.S. District Courts for the Northern and Eastern districts of California.

Baker received his master of laws degree from Georgetown University, his juris doctor from Santa Clara University School of Law, and his bachelor’s degree from Santa Clara University.

Compliance January 11, 2010

PBGC Takes Chicago Clothing Manufacturer's Plan

January 11, 2010 (PLANSPONSOR.com) - The Pension Benefit Guaranty Corp. (PBGC) has assumed responsibility for the underfunded pension plan covering nearly 13,000 former workers and retirees of Hartmarx Corp.
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The agency said it stepped in because the plan faced abandonment after the company, in bankruptcy since January 23, 2009, sold all of its assets to purchasers who did not assume responsibility for financing or administering the plan. The PBGC estimates the Hartmarx Retirement Income Plan is 47% funded, with assets of $142.8 million to cover $306.6 million in benefit liabilities, and expects to be responsible for $158.5 million of the $163.8 million shortfall.

The plan ended on August 7, 2009.

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Hartmarx, a clothing manufacturer based in Chicago, Illinois, produced and marketed business, casual, and golf apparel under its own brands, which included Hart Schaffner Marx, Hickey-Freeman, Palm Beach, and Coppley among others. The PBGC said a dropoff in demand for tailored clothing led to poor sales, and the company and 51 affiliates sought Chapter 11 protection in the U.S. Bankruptcy Court in Chicago.

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