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Assuming the deals survive bankruptcy court - and experts expect it will - the change marks a new direction in health care for GM retirees, putting them in much the same camp as Chrysler retirees. Each group will now receive health-care benefits from two underfunded vehicles known as VEBAs (Voluntary Employee...
An earlier version of this story contained erroneous information regarding the procedures by which the Securities Investor Protection Corporation (SIPC) will compensate Irving Picard. The article stated that bankruptcy attorneys working on behalf of SIPC, including Mr. Picard, receive a percentage of recovered funds. SIPC payments to attorneys are not...
Normally, Chapter 7 bankruptcy trustees personally receive 3% of anything over $1 million they recover for victims. In SIPA cases, however, the amount is not based strictly on a percentage of monies recovered since often there is no money remaining in accounts.
Norman Y. Yao ’09 received the 2009 Captain Jonathan Fay Prize from the Radcliffe Institute for breakthrough research on the mechanical properties of cellular networks on Wednesday. Yao was selected for the honor from among the 83 winners of the Thomas T. Hoopes Prize for the quality...
Over the next month, the task force rammed through an odd-looking arrangement: The government would put up the money. The UAW's Voluntary Employee Beneficiary Association (VEBA) - a trust set up at Chrysler and other U.S. carmakers to shift retiree health-care obligations off company books - would own a...