On May 10, following a lengthy bankruptcy hearing in a crowded Chicago courtroom, federal Judge Eugene R. Wedoff concluded that United Airlines could default on its pension plans. The airline could wash its hands of its $9.8 billion funding shortfall and walk away from the 134,000 people covered by the four plans. Payments to the retirees would plummet, in some cases by thousands of dollars per month, as their pensions became the obligation of a federal... More >>>