Court rules against Edmundston retirees’ claims of pension theft

Toronto – The union representing Fraser Papers retirees from Quebec and New Brunswick, who had their pensions cut by up to 40% when their employer filed for bankruptcy protection, have expressed disappointment and regret over a court decision blocking a civil suit in Quebec against the Directors of Fraser.

The pensioners, members of the Communications, Energy and Paperworkers Union (CEP), claimed the directors of the former Fraser Papers were grossly negligent in their management of the pension plan.

Fraser Papers was majority-owned by Brookfield Asset Management which organized the restructuring of Fraser to escape its pension obligations.

“We were taken advantage of by a multi-million dollar corporation,” says Clyde Winchester, president of the Edmundston Retirees Association, and one of the members of Victims of Brookfield. “Our politicians, also our lawmakers let it happen and now the judicial system is failing us.”

“This decision reveals again how broken and unfair our pension system is,” says CEP President Dave Coles. “We are very disappointed in the decision on the Quebec case and we regret that our Quebec members cannot pursue this case against the Fraser Brookfield Directors. However we will continue to pursue every legal and political opportunity in New Brunswick and Quebec to win a measure of justice.”

Communications, Energy and Paperworkers Union (CEP)