Legal Opinion
John H. Johnson v. Georgia-Pacific Corporation
Court of Appeals for the Seventh Circuit
Decided March 23, 1994No. 93-2357PublishedCited by 117 opinions
1Opinion of the Court
EASTERBROOK, Circuit Judge.
Great Northern Nekoosa Corporation (GNN) decided to resist a takeover bid by Georgia-Pacific Corporation. Among the steps GNN took to make itself less attractive was an alteration in its pension plan. At the end of 1989 the plan’s assets exceeded the value of all promised benefits (including those that had not vested) by some $80 million. Because employees had made contributions toward their pensions until 1988, the Employee Retirement Income Security Act (ERISA) prevented GNN from withdrawing the full surplus by terminating the plan and purchasing annuities to pay…
2Cases cited19 opinions
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- Shaw v. Delta Air Lines, Inc.Supreme Court of the United States · 1983
- Mertens v. Hewitt AssociatesSupreme Court of the United States · 1993
- Smith v. United StatesSupreme Court of the United States · 1993
- Allied Chemical & Alkali Workers of America, Local Union No. 1 v. Pittsburgh Plate Glass Co.Supreme Court of the United States · 1971
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3Cited by117 opinions
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