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Preliminary Settlement Reached in Long-Running Actuarial Equivalence Lawsuit
planadviser Link to more items from this source
Sept. 23, 2022

"Plaintiffs agree to settle for $267 million in a class action suit that alleged that PricewaterhouseCoopers LLP undercalculated lump-sum payments made to pension participants.... PwC used a 30-year Treasury return as the interest rate, and calculated the normal retirement age as either 65 years old or 5 years of service, whichever came sooner. Both of these methods were found to be in violation of ERISA in previous hearings[.]" [Laurent v. PricewaterhouseCoopers LLP, No. 06-2280 (S.D.N.Y. motion for approval of proposed settlement filed Sep. 19, 2022)]

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