The National Hockey League must hand over millions of dollars in pension fund money to hundreds of former players, Ontario's highest court ruled today.
The Ontario Court of Appeal upheld a lower court judgment that said the NHL wrongly used a pension fund surplus in the mid-1980s to add to pensions for players still active in the league.Former Toronto Maple Leaf Carl Brewer said the ruling should mean about $45 million will be distributed to about 1,000 former players.
"It's a significant victory," he said outside the courthouse.
"We won hands down," said former Maple Leaf Allan Stanley, another of the seven players who brought the suit to court.
"It's a great thing because our pension is not that great. It does something for all the retired guys."
At the heart of the dispute was $26 million which was removed from the pension fund in the mid-1980s.
Former player Leo Reise said he doesn't know how much he or other individual retirees will receive, but said the principle of the case is more important than the financial benefits.
"We just want what belongs to us," said Reise. "We just think there's money owing to us and we should get it."
The other players involved in the case, started two years ago, include Gordie Howe, Bobby Hull, Eddie Shack, and Andy Bathgate.
Justice George Adams of the Ontario Court's general division ruled in 1992 the NHL Pension Society misappropriated the pension funds.
The society - which was run exclusively by appointees of the NHL from 1969 until 1992 - took a $2.9-million surplus in 1982, used about $1 million to improve pensions and gave the rest back to the owners.
Then it took a $23.7 million surplus found in 1985 and added $4.5 million to the pensions of those already retired, used $9.4 million to finance a pension bonus for players active since 1986 and gave $9.8 million to club owners for current pension contributions.