The Supremes may be overturning an innovative Ontario ruling in support of the Status Quo, but this doesn’t make their ruling any less vile. The suggestion that workers pay packets are fair game to lenders ignores the basic fact that pensions are part of an employees pay packet. They are not company assets. It seems Canada’s legal bright-lights disagree. Let’s Hope they don’t find their pensions similarly disposed of.
Pensioners are usually at the end of the line to be paid when the assets of a failed company are sold, but the Ontario Court of Appeal changed that in a 2011 ruling on the Indalex case.
The Supreme Court, by a 5-2 margin, overturned that decision.
A court that loses its moral authority, loses its legitimacy. For anyone in Canada with a company pension the Supremes just blew that legitimacy.