Drug-maker Abbott Labs is one of Chicago’s biggest corporations. They've done well recently, punctuated this week by a second quarter profit increase of 21%. Now, there is nothing wrong with honest businesses making an honest buck, but it’s upsetting to see dishonest companies turn that kind of profit. Ironically, news of Abbott's big surge came just a day after a judge ordered them to stand trial on claims that they unfairly slashed employee benefits packages.
Hospira, a maker of injectable drugs for hospital patients, was sued in November 2004, seven months after it became an independent company, by three workers complaining they were lured by Abbott executives to join the new venture on the promise their benefits package wouldn't change. Hospira eliminated a retiree medical-benefit program immediately and its pension plan as of Jan. 1, 2005, the plaintiffs said.
Ten thousand Abbott workers in the U.S. left the North Chicago-based company for Hospira, the plaintiffs said. Both companies now must defend the suit at trial.
Pretty crass, especially when you consider that both Abbott and Hospira have plenty of dough to go around. By the way, Abbott's head, Miles White, earned $24.6 million last year, which officially makes him the highest paid CEO in Gotham City.
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