A U.S district court has granted class-action status to a suit contesting the sale of 41K...

|By:, SA News Editor

A U.S district court has granted class-action status to a suit contesting the sale of 41K Verizon (VZ) pension plans (total obligations of $8.5B) to Prudential (PRU). The plaintiffs argue the deal "replaces retirees' pensions with non-ERISA protected insurance annuities, thus stripping participants of the protections of federal law and causing irreparable harm."