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Compliance April 2, 2004
Judge Approves Class Action in Colgate Pension Suit
February 28, 2002 (PLANSPONSOR.com) - An Ontario
Superior Court has approved class-action status for members
and former members of the Colgate-Palmolive Canada pension
plan in an $8.1 million pension fund lawsuit against the
company.
Reported by Fred Schneyer
The ruling, by Justice Warren Winkler, means that the suit can proceed on behalf of participants in the Colgate-Palmolive Canada Pension Plan for Salaried and Non-Union Hourly Employees.
The suit alleges that the company should have contributed $5.4 million during contribution holidays it improperly took between January 1983 and December 1989.
Plaintiffs also are seeking $2.7 million, which they say should have been transferred into the Colgate-Palmolive plan as part of an acquisition from Bristol-Myers Canada.