Philip Green to Pay Up to 363 Million Pounds in BHS Pension Settlement
UK retail magnate Philip Green agreed to pay as much as 363 million pounds ($450 million) to compensate 19,000 former workers of collapsed department-store chain BHS after months of haggling with the country’s Pensions Regulator.
The payment will enable trustees of BHS retirement plans to achieve a “significantly better outcome” than they would have under the UK’s Pension Protection Fund, Green said in a statement Tuesday. Regulators dropped their enforcement actions against the tycoon and his investment vehicles.
“The settlement is way beyond what I thought we would get because Green loves bargaining,” Frank Field, a lawmaker who led an inquiry into BHS’s collapse, said by phone. “It’s a very important milestone in getting justice for pensioners and workers.”
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