The Clare Champion Clare news, sport, entertainment and local notes
By Tim Healy MORE than 100 members of the pension scheme of industrial diamond manufacturers, Element Six have lost a Commercial Court action against their trustees over the winding up of the fund. Mr Justice Peter Charleton this week ruled the trustees of the pension scheme of the Shannon comnpany had acted reasonably and in the interests of the scheme members as a whole when they agreed in November 20011 to accept an offer to wind up the fund on the basis of a contribution of €37.1m from the company. The members sued the six trustees claiming breach of trust and conflict of interest in accepting the offer and said they should instead have demanded the company make a €129.2m contribution to make up the deficit in the scheme. The claims were denied. The trustees, comprising three management nominees and three worker nominees, accepted the €37m offer in a 3-3 vote in which the management nominee exercised his casting vote. …
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