GM Sued by UAW for $450 Million Over Delphi Fund (Update1)
General Motors Co. was sued by the United Auto Workers over claims the automaker owes $450 million to the retiree health care fund of one of parts suppliers Delphi Corp.
GM breached a contract promising to fund a voluntary employee beneficiary association, or VEBA, for Delphi retirees, according to the lawsuit filed yesterday in Detroit federal court. General Motors, Delphi’s former owner, made the promise in 2007. The court overseeing Delphi’s bankruptcy approved the agreement in October 2009, the union said.
Source: GM Sued by UAW for $450 Million Over Delphi Fund (Update1)
