Sale of a Business - Who Gets the Surplus?
Pension Planning Journal, Federated Press
2010
When Hudson's Bay Company sold its Northern Stores division, assets to cover past liabilities, but no surplus, was transferred to the new employer's pension plan. The affected members claimed that they had not been treated with an "even hand," and that Hudson's Bay had breached its fiduciary duty to them. Peggy McCallum explains the Supreme Court of Canada found that Hudson's Bay had no legal obligation to transfer surplus.
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