The Pension Benefit Guaranty Corporation filed a $97 million lawsuit against The Renco Group Inc. and its affiliates for attempting to evade their pension obligations.
The New York-based holding company had a controlling interest in RG Steel, which sponsored two pension plans with about 1,350 people.
In January 2012, Renco sold 24.5 percent of its ownership stake in RG Steel to an affiliate of the New York-based investment firm Cerberus Capital Management, L.P. Renco reduced its ownership stake in an attempt to free itself from responsibility for RG Steel's pension debts.
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