SIPTU gears up for court actions on pensions

IRELAND’S largest trade union is preparing to take legal action against multinationals which have lost significant amounts of employee pension funds through malpractice or inside trading.

Similar cases in the US this year led to companies paying out a record $5 billion in settlements to shareholders who successfully sued over malpractice involving stocks and shares.

Now SIPTU, in collaboration with the world's leader in such cases, US law firm Milberg Weiss, is in the advanced stages of identifying cases which can be taken on behalf of Irish investors and pension funds.