TORONTO, Sept. 20, 2012 /CNW/ - The union representing Fraser Papers
retirees from Quebec and New Brunswick, who had their pensions cut by
up to 40% when their employer filed for bankruptcy protection, have
expressed disappointment and regret over a court decision blocking a
civil suit in Quebec against the Directors of Fraser.
The pensioners, members of the Communications, Energy and Paperworkers
Union of Canada, claimed the directors of the former Fraser Papers were
grossly negligent in their management of the pension plan.
Fraser Papers was majority-owned by Brookfield Asset Management which
organized the restructuring of Fraser to escape its pension
"We were taken advantage of by a multi-million dollar corporation," says
Clyde Winchester, president of the Edmundston retirees association, and
one of the victims of Brookfield. "Our politicians, also our lawmakers
let it happen and now the judicial system is failing us."
"This decision reveals again how broken and unfair our pension system
is" said CEP President Dave Coles. "We are very disappointed in the
decision on the Quebec case and we regret that our Quebec members
cannot pursue this case against the Fraser Brookfield Directors.
However we will continue to pursue every legal and political
opportunity in New Brunswick and Quebec to win a measure of justice."
SOURCE: COMMUNICATIONS, ENERGY AND PAPERWORKERS UNION OF CANADA
For further information:
Dave Coles, CEP President, (613) 299-5628
Sebastien Bezeau, Campaign Organizer: Cell: (506) 380-1455