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Verizon Management Retirees' Suit May Proceed, Judge Rules
Pensions & Investments Link to more items from this source
Mar. 31, 2013

"U.S. District Court Judge Sidney Fitzwater in Dallas ruled that the class of about 41,000 retirees who were affected by the [purchase of a group annuity from Prudential to transfer $7.5 billion in pension obligations] could sue as a group. He also ruled that another 50,000 plan participants whose benefits were not part of the transfer could also sue.... [Issues are] whether the transaction violated ERISA Section 404(a), whether the plan's summary plan description satisfied the requirement to disclose the circumstances that might result in a loss or reduction of benefits, and whether the transaction violated ERISA's non-discrimination provision."

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