More than 380 former Waterford Crystal workers will benefit from the resolution of a dispute concerning a surplus of €1.28 million held in a fund to cover disability benefits, the High Court was told yesterday.
The settlement was approved by Mr Justice Peter Kelly, who described the agreement as “a rare bit of good news” coming from the Commercial Court.
The workers, represented by the Unite trade union, had brought proceedings to have the surplus held in an income continuance contribution scheme – the Waterford Crystal Disability Scheme No 3 – paid to those who had contributed to but not claimed for disability benefits under the scheme.
The action was against Waterford Crystal Ltd and Waterford Crystal (Manufacturing) Ltd, both in receivership, who were acting through receiver David Carson of Deloitte Ireland; and Irish Life Assurance, which managed the scheme. The receiver had argued the surplus should be retained by the company, but the workers, all employed at the company at the time of Mr Carson’s appointment in January 2009, sought a declaration the receiver was not entitled to any part of the €1.3 million surplus.
Yesterday, Mr Justice Kelly was told, under the terms of the settlement, the workers will receive 62 per cent of the surplus (€766,437), to be retained and distributed by Unite, while 38 per cent of the surplus (€488,000) will go to Waterford Crystal Manufacturing Ltd.