Brown: alter bankrupty laws to protect worker wages/pensions
The Columbus Dispatch – Sen. Sherrod Brown is among a group of Democratic lawmakers seeking legislation they say would protect worker wages and pensions and limit executives' pay and bonuses when companies declare bankruptcy.
The Ohio Democrat says his bill "would ensure that when a company files for bankruptcy, it must place a priority on meeting workers’ claims for compensation and retirement benefits."
Brown says the legislation is needed to change a trend giving executives' claims for compensation and benefits are given preferential treatment during bankruptcy proceedings over workers' claims.
