It would seem that things are still quite troublesome at Chrysler who are now facing another serious problem after all the issues of the financial crisis and their bailout.
This time, to issues have spawned within as more than 450 executives of the company have sued Daimler and Cerberus for neglecting their pension fund.
That neglect has lead to plaintiffs speaking of a figure of 100 million dollars and the executives involved are people of great importance to Chrysler, most notable of the list may be Lee Iacocca, the man who pretty much brought Chrysler back to life way back in the 1980’s.
Another important mention about this trial is that they did not sue Chrysler (now owned by Fiat) but rather the ex owner, Daimler and Cerberus, the private equity investment firm that is handling their pension plans. This has happened for two reasons. Firstly, they all love the Pentastar and want to see it succeed and secondly, the fault falls on these two as they are responsible for not adequately protecting the supplemental pensions from creditors as Chrysler’s health slid from trouble to terminal.
Another claim from the plaintiffs is that those pensions weren’t moved to the new Chrysler, and now the former execs are paying the price.
