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Wednesday, Aug 21
Peabody ruled responsible for Peabody retiree health benefits
- A federal appeals court keeps Peabody Energy (BTU -1.6%) on the hook for health benefits for ~3,100 retired Patriot Coal (PCXCQ.OB +40.2%) miners, a reversal of the bankruptcy judge's earlier ruling that BTU no longer owed the benefits.
- Patriot praises the ruling, that BTU "should not be permitted to use Patriot's bankruptcy to escape its health care obligations to thousands of retirees."
- Patriot earlier this year gained court permission to abrogate its labor deals for current and retired workers, and recently agreed to new, cost-cutting deals.