Judge Approves Class Action in Colgate Pension Suit

February 28, 2002 (PLANSPONSOR.com) - An Ontario Superior Court has approved class-action status for members and former members of the Colgate-Palmolive Canada pension plan in an $8.1 million pension fund lawsuit against the company.

The ruling, by Justice Warren Winkler, means that the suit can proceed on behalf of participants in the Colgate-Palmolive Canada Pension Plan for Salaried and Non-Union Hourly Employees.

The suit alleges that the company should have contributed $5.4 million during contribution holidays it improperly took between January 1983 and December 1989.

Plaintiffs also are seeking $2.7 million, which they say should have been transferred into the Colgate-Palmolive plan as part of an acquisition from Bristol-Myers Canada.