Verizon Pension Plan Members Allowed to Sue as a Group
A federal judge in Texas ruled that Verizon pension beneficiaries can sue the company as a group over its transfer of $8.5 billion in plan obligations to the Prudential Insurance.
A federal judge in Texas ruled that Verizon pension beneficiaries can sue the company as a group over its transfer of $8.5 billion in plan obligations to the Prudential Insurance.
Verizon retirees had argued that their money won’t have the same protections in annuities as it did under Verizon’s plan but that fell on deaf ears.
Verizon wants to sell 41,000 pension plans worth a total of $7.5 billion to Prudential, which would turn them into annuities that the retirees’ lawyers say won’t have the same protection that the pensions had.
The regional Bells have been improving their consumer operations on the heels of a favorable regulatory ruling, yet they have been unable to reverse a pattern of line losses in the face of wireless substitution and other competition. SBC Communications Inc. added 16,000 “primary” residential lines in the three-month period ending March 31, marking its […]
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