UPDATE 1-Stagecoach takes legal action against UK after rail bids rejected [Reuters]
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Source: Reuters
UPDATE 1-Stagecoach takes legal action against UK after rail bids rejected - Reuters 2 Min Read (Adds details on pension risk, background on contract losses) May 8 (Reuters) - Stagecoach Group said on Wednesday it had begun legal action against Britain’s Department for Transport after the company’s bid to continue operating a rail route was rejected due to concerns over pensions. The Department for Transport has asked rail franchise bidders to take on the full long-term funding risk of parts of the Railways Pension Scheme and disqualified Stagecoach’s bid for the East Midlands franchise because it did not comply with that request. It also disqualified the company from bidding for the West Coast and South Eastern franchises for the same reason. Stagecoach, which also said it was considering legal action over the other two disqualifications, estimates the liability could be well in excess of 1 billion pounds ($1.3 billion). The transport company has operated the East Midlands franchise
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