Verizon participants petition SCOTUS on right to sue over de-risking deal

2016-02-11T01:42:52-08:00February 11th, 2016|Categories: ERISA|Tags: , , |

The Supreme Court is being petitioned to review a claim that could clarify when participants in defined benefit pension plans have a right to sue sponsors under the Employee Retirement Income Security Act. The case, Pundt v. Verizon, derives from the landmark case, Lee v. Verizon, which challenged the $8.4 billion pension buyout contract the telecommunications giant purchased from Prudential in 2012. Last August the 5th Circuit Court of Appeals upheld a lower court ruling in favor of Verizon. Participants had alleged the buyout annuity violated ERISA [...]