In August, retiree Mark Potter suddenly stopped receiving his pension payments from Ruby Tuesday.
On September 28, Regions filed a lawsuit against Ruby Tuesday, asking a court to determine whether the chain's actions were legal. Holland also explained that if one company filed for bankruptcy, the other companies assume responsibility for its portion of the pension payments. For example, when Piccadilly, Ruby Tuesday and Morrison's Healthcare split Piccadilly's share of the payments.
However, the original agreement between Regions Bank and Ruby Tuesday stated the chain had to declare insolvency before pension payments could be stopped. So Regions Bank filed a lawsuit on September 28 in Alabama's Northern District Court against Ruby Tuesday, asking the court to determine whether Ruby Tuesday was legally able to ask the the bank to suspend payments before declaring insolvency.
That brings no comfort to Potter and his former coworkers, who must survive now on just a portion of their pension as they wait for Ruby Tuesday to dig itself out of insolvency and resume payments — or declare bankruptcy.
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