The trustees of a bakery drivers union pension fund convinced the Second Circuit to reinstate their application for a $130 million bailout from a government program rolled out during the Covid-19 pandemic.
The special financial assistance program aimed at shoring up struggling pension funds doesn’t explicitly exclude from application plans terminated by mass withdrawals, the US Court of Appeals for the Second Circuit said Tuesday. The federal government pension insurer’s arguments to the contrary are based on statutory provisions that don’t govern the matter in question and aren’t incorporated by reference in the relevant statutory language, the court said, reversing ...