Former Toys R Us workers given $20m hardship fund for lost pensions and earnings

Former Toys R Us employees will receive a mis-sold pension compensation of approximately $20 million as hardship funds. The toy-store chain co-owned by two private-equity owners, Bain Capital, and KKR has set aside $20 million to fund their former employees. A worker-backed group pressured the firm to reach the decision. Former workers at Toys R Us are also campaigning for an extra $55 million. The giant Toys R Us plans to use the finances to pay thousands of employees who lost working opportunities after the liquidation of the iconic toy chain in June.

Bain Capital and KKR pointed out that the creation of the fund will assist over 30,000 former employees affected by the untimely closure of the toy chain. The worker-backed campaign groups are credited for a new move. The workers consider the move unprecedented because it has no legal backing but it is a great relief to many families affected by bankruptcies and store closures that affected the retail industry.

Workers are also pressuring the toy chain to pay an extra of $55 million formerly owed and they are pressuring other firms that contributed to the untimely closure of the toys chain to support their current moves.

Ann Reinhart, 59, who worked for the toy chain for nearly three decades, hailed the first step but affirmed that the ultimate goal is keeping the pressure. Since losing her job at Toys R Us last summer, Ann has not managed to find a job that pays medical insurance. Employees were told that they would not get any severance when the toy chain liquidated hundreds of its retail outlets in June.

The workers have held several protests outside the offices of former owners Vornado Realty Trust, Bain, and KKR in New York. The former employees of the toy retailer accused the three firms of having played a central role in pushing the toy chain to its bankruptcy in 2017.

The mis-sold pension compensation unrest has also seen the agitated workers take part in a couple of pension meetings in different parts of the country. The employees have continued to pressure the three firms implicated in the saga to act responsibly and compensate the workers facing immense living hardship. Former workers of the toy retail chain have continued to pressure the equity owners to release the pension funds along with the remaining funds owed.

Bain and KKR continue to affirm that the fund was created in response to the inevitable operational circumstances that shuttered the toy chain. The equity owners also pointed out that they were more than committed to ensuring that all their former employees get befitting financial relief. The mis-sold pension compensation protest is expected to take several turns and twists in the coming days.

Outrage after figures show Glasgow issued over 100,000 bus lane fines last year

solicitor

In just one year, Glasgow has issued British high-bus lane traffic offenders with hefty penalties.  In 2017 alone, over 108,000 drivers were slammed with bus lane fines. Speeding solicitors in Glasgow have also represented several motorists on lawsuits related to the same. In 2017/2018, Glasgow took an overall of £3.23 million, leading the number of fines recorded by the 40 local authorities spread across the country. The local city council at the city has also pointed out that the bus lane system was in full compliance with the relevant law. Conversely, the IAM-Institute of Advanced Motorists-has echoed the need for the local authorities to provide ideal signage to assist motorists. Under the current council regulations, motorists receive the fine when they are first apprehended in the bus gate or lane and issued with a £60 fee which is usually lowered to £30 if it is settled within 2 weeks.

A spokesman from the city has affirmed that the bus gate and lane signage comply with the relevant law. Bus lanes have also assisted Glasgow City Council to lower emissions and enhance the reliability of public transport services and journey times. The bus passenger number have continued to decrease in recent years but the local authorities are doing all they can to boost the essential form of public transport. According to Neil Greig, research and policy director from IAM has appointed that IAM RoadSmart is extremely disappointed that the city has continued to lead the specific league table. Although the Glasgow council has continued to express its commitment to provide clear signage to the leading money-making areas including Glassford Street and Nelson Mandela Place but drivers continue to get it wrong. Speeding solicitors have also continued to face an uphill task while explaining the new rules and regulations to new motorists who continue to see expert advice. Lorries, vans, and cars using the lanes cause safety hitches and unnecessary delays and therefore there is a need to make the tickets few and self-explanatory.

According to Confused.com, a reputed comparison site which analysed the data, nearly 45 % of motorists in Scotland committed the bus lane offences because they were not aware. The data also showed that nearly 31 % of Scottish drivers suggested that the collected fines should be invested in improving the bus lane signage. The survey indicated that only 17 % of drivers did not have to meet the charges after refuting the fines. Over 25 % British drivers who had used bus lanes admitted that they chose to do so to avoid traffic jam and they were aware of the fines. According to Richard Freeman, one of the top-rated speeding solicitors in the country, the level of fines issued in Glasgow has continued to increase though most of the driver uses the bus lanes unknowingly.