Global Markets: Former Sears workers take pension shortfall to court

By Commodity News Service Canada
WINNIPEG, Feb. 15, 2018 (CNS) – The following is a glance at the
news moving markets in Canada and globally.
Shaw Communications has announced 3,300 of its employees
have decided to take a voluntary buyout package – far above the
company’s original estimate of about 650. One-quarter of Shaw’s
workforce will be departing as part of a previously announced
multi-year transformation of its business. Shaw will stagger the
departures over the next 18 months to minimize the impact on the
business.

Former Sears Canada workers are hoping they can recoup a
C$270-million pension fund shortfall with a motion they will
file in court Thursday. The workers are asking for a litigation
trustee to be appointed to examine about C$3 billion in payments
made to shareholders since 2005, when United States hedge fund
ESL Investments and its CEO Eddie Lampert took control of Sears.
Canadian home resales dropped 14.5 per cent in January from
December to the lowest monthly level in three years as tighter
mortgage rules doused demand, the Canadian Real Estate
Association said Thursday. Actual sales fell 2.4 per cent from
January, 2017 while home prices were up by 7.7 per cent from a
year ago.

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