Dive Brief:
- Ruby Tuesday instructed Regions Bank to stop paying pensions to at least 112 retirees as of July 21, only to declare insolvency on Sept. 2, according to documents obtained by Business Insider.The agreement between Regions and Ruby Tuesday shows that the chain needed to let the bank know of its insolvency prior to ending pension payments per its agreement, and the trustee filed a lawsuit against the chain on Sept. 28 asking a court if these actions were legal.
- The restaurant declined to respond to Business Insider’s request for comment, but an August letter from the company’s HR department said the company, which retired employees claim never informed them of these changes,would resume payments as soon as possible.
- Ruby Tu…
Read the full article at: https://www.restaurantdive.com/news/ruby-tuesday-stopped-paying-retiree-pensions-business-insider-reports/586154/