Announcement re: Third Circuit Court of Appeals ruling

In our Pension Update Letter sent to all members in December 2011 we referred to an outstanding judgement in the US Court of Appeals for the Third Circuit (see 'US Activities').  We are disappointed to advise you that in a judgement dated December 29, 2011 the Court of Appeals upheld previous rulings regarding regulatory proceedings in the UK. Our legal advisers are currently studying the full judgement to determine what further action may be appropriate. Meanwhile, we continue to work with all parties to reach a negotiated settlement as we prepare for a further attempt at mediation.