Bankrupt multinationals on hook for U.K. plan deficits, court says - Pensions & Investments

Bankrupt multinationals on hook for U.K. plan deficits, court says - Pensions & Investments: "Bankrupt parent companies based outside of the U.K. can be held financially responsible for the funding shortfalls in their U.K. subsidiaries' defined benefit plans, a London court ruled last week.
The unprecedented decision — which combined two separate cases before the U.K.'s High Court of Justice involving Lehman Brothers Holdings Inc. and Nortel Networks Corp. — also placed the priority of the pension liabilities imposed by government regulators before all unsecured creditors and some secured creditors."