By Matt Glynn
The United Brotherhood of Carpenters is awaiting a report and recommendations following hearings into how a statewide Carpenters organization allocated losses from Bernard Madoff’s fraud.
A committee appointed by the Washington, D. C.-based UBC held two days of closed-door hearings in Albany this week. It was responding to allegations that the Empire State Regional Council disproportionately burdened upstate unionized carpenters with losses stemming from investment losses tied to Madoff. The estimated $160 million in losses impacted the members’ pension, annuity and health funds.
The UBC said more than 45 members and union leaders presented testimony but did not release details of the testimony.
The Empire State Regional Council’s territory covers New York State, excluding New York City. Its affiliated unions include Local 289, based in Cheektowaga. A report prepared by the hearing committee will be presented to the UBC’s General Executive Board for consideration and possible action, the UBC said. Monte Byers, chief of staff for the UBC, said he did not know when the report might be presented.
Saturday, April 3, 2010
Carpenters await report on losses
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