Roanoke Times
Copyright (c) 1995, Landmark Communications, Inc.
DATE: FRIDAY, February 18, 1994 TAG: 9402180285
SECTION: SPORTS PAGE: B-8 EDITION: METRO
SOURCE: From Associated Press reports
DATELINE: LENGTH: Medium
The National Hockey League must hand over millions of dollars in pension fund money to hundreds of former players, Ontario's highest court ruled Thursday in Toronto.
The Ontario Court of Appeal upheld a lower court judgment that said the NHL wrongly used a pension fund surplus in the mid-1980s to add to pensions for players still active in the league.
Former Toronto Maple Leaf Carl Brewer said the ruling should mean about $45 million Canadian will be distributed to about 1,000 former players. The Canadian dollar is worth about 74 cents.
"I've been on four Stanley Cups," Shack said. "This is No. 5."
The league has 60 days to appeal to the Supreme Court of Canada.
Justice George Adams of the Ontario Court's general division ruled in 1992 the NHL Pension Society misappropriated the funds. The society, run exclusively by appointees of the NHL from 1969 until 1992, took a $2.9 million surplus in 1982, used about $1 million to improve pensions and gave the rest back to owners.
Then it took a $23.7 million surplus found in 1985 and added $4.5 million to the pensions of those already retired, used $9.4 million to finance a pension bonus for players active since 1986 and gave $9.8 million to owners for current pension contributions.
Adams ruled the money belonged to those playing while the surpluses were accumulated.
Seven players - Shack, Hull, Andy Bathgate, Gordie Howe, Allan Stanley, Leo Reise and Carl Brewer - filed the suit in 1991.
by CNB