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PBGC v. FINDLAY INDUSTRIES, INC., ET AL.

No. 17-3520.

902 F.3d 597 (2018)

PENSION BENEFIT GUARANTY CORPORATION, Plaintiff-Appellant, v. FINDLAY INDUSTRIES, INC., ET AL., Defendants, Philip D. Gardner Inter Vivos Trust Agreement Dated January 20, 1987; September Ends Co.; Back In Black Co.; Robin L. Gardner, Executor of Estate of Michael J. Gardner, Defendants-Appellees.

United States Court of Appeals, Sixth Circuit.

Decided and Filed: September 4, 2018.

Attorney(s) appearing for the Case

COUNSEL ARGUED: Merrill D. Boone , Pension Benefit Guaranty Corporation, Washington, D.C., for Appellant. Caroline H. Gentry , Porter Wright Morris & Arthur, LLP, Dayton, Ohio, for Appellees. ON BRIEF: Merrill D. Boone , Lori A. Butler , Pension Benefit Guaranty Corporation, Washington, D.C., for Appellant. Caroline H. Gentry , Porter Wright Morris & Arthur, LLP, Dayton, Ohio, James D. Curphey , Porter Wright Morris & Arthur, LLP, Columbus, Ohio, for Appellees.

DAUGHTREY, J., delivered the opinion of the court in which DONALD, J., joined, and McKEAGUE, J., joined in part. McKEAGUE, J. (pp. 613-21), delivered a separate opinion concurring in part and dissenting in part.

OPINION

Following the financial collapse of the Studebaker Company in 1963, more than 11,000 autoworkers lost 85 percent of their vested pension interest when the company's retirement plan was terminated. The resulting political pressure culminated in passage of the Employee Retirement Income Security...

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