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Text of Second Circuit Opinion: District Court Correctly Reformed Plan to Conform to Plan Sponsor's 'Materially False, Misleading, and Incomplete Disclosures' (PDF)
U.S. Court of Appeals for the Second Circuit
July 7, 2017 "Defendants focus, in particular, on participants who received seniority enhancements under the cash balance plan. Those participants, Defendants contend, experienced little to no wear-away, but in fact received more relief than other participants because they benefitted from a windfall created by the cumulative effect of the 'A benefit' and 'B benefit' ordered by the district court.... [We] review a district court's award of equitable relief 'only for an abuse of discretion or for a clear error of law,' Amara II ... and we detect none here. As we stated in Amara II, the equitable remedy of reformation is governed by contract principles, and a district court may 'properly reform[] [a pension] plan to reflect the representations that the defendants made to the plaintiffs.' " [Osberg v. Foot Locker, No. 15-3602 (2d Cir. July 6, 2017)] MORE >> |
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