In a decision that could have far-reaching implications if more large American companies file for bankruptcy, the 3rd U.S. Circuit Court of Appeals ruled that multiple pension plans should be considered in the aggregate for purposes of reorganization under Chapter 11.

Circuit Judge Marjorie O. Rendell wrote the 41-page opinion for In re Kaiser Aluminum Corp. after arguments were heard in April by Rendell, Judge D. Brooks Smith, and Senior Judge Ruggero J. Aldisert. The opinion was entered July 26.

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