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1 post • joined 29 Jul 2011

IBM profits hum along nicely in second quarter

RecentlyRetiredUK

Labor Judges in Germany attack IBM Corporation

Stuttgarter Nachrichten (Germany) - 20/07/2011

The Labor Court of the state of Baden-Wuerttemberg in Germany is groaning under the weight of lawsuits filed against IBM Germany. The court has accused the IT corporation of undermining its authority by readjusting company pensions, in defiance of landmark decisions by Germany’s Federal Labor Court and IBM’s own ethical guidelines. IBM was not available to comment. The background to the court’s criticism is an unequaled flood of lawsuits filed by owners of IBM company pensions. They accuse IBM of basing its readjustment on an incorrect period of time, resulting in pensions being lower than they should be. During the first half of 2011, more than 1,600 lawsuits were filed against IBM at the Stuttgart Labor Court and the state’s Labor Court. Stuttgart Labor Court found that in all cases that IBM had failed to raise company pensions to the necessary level in the years from 2008 onwards. IBM appealed against the court’s decision. Given the fact that a total of 20,000 former IBM employees receive company pensions, hundreds more lawsuits are likely. (Original in German)

It seems that IBM Germany is determined to be as vicious to its retirees as has IBM US and IBM UK.

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