NY Comptroller Gets Involved in Fairpoint Dispute
The comptroller of New York is urging FairPoint's biggest shareholder to encourage the company to treat its workforce fairly.
Thomas DiNapoli expressed concerns about union allegations that FairPoint improperly declared an impasse in labor negotiations in a letter to John Angelo, CEO of a private equity firm that owns nearly 20 percent of FairPoint stock.
In his letter, DiNapoli said he was writing as trustee of the pension fund for New York state workers. The pension has invested in a hedge fund that's managed by Angelo's company.
DiNapoli said companies that have good relationships with workers and sustainable pensions tend to perform better over the long run. He asked Angelo to ensure workers in Maine, New Hampshire and Vermont are being treated fairly.