The Supreme Court today agreed to accept a case involving the ownership of surplus assets of a contributory pension plan.
In Hughes Aircraft Co. vs. Stanley Jacobson, Mr. Jacobson and other employees claim Hughes should distribute to them more than $1 billion in excess pension assets used to cover additional employees when Hughes converted the pension plan into a noncontributory plan, said I. Philip Sipser, partner in the law firm of Sipser Weinstock Harper and Dorn, which is representing the employees.
The Supreme Court agreed to accept a petition from Hughes Aircraft to overturn the Ninth Circuit Court of Appeals' 1997 decision in favor of the employees.
Ethan Lipsig, the lawyer representing Hughes, could not be reached by press time.
