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

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."
Comments (5)
  • denis6914
    , contributor
    Comments (30) | Send Message
     
    Some lawyer just uncovered his pot of gold.
    1 Apr 2013, 04:37 PM Reply Like
  • walter38w
    , contributor
    Comments (5) | Send Message
     
    so did PRU!
    1 Apr 2013, 05:00 PM Reply Like
  • onlyapps
    , contributor
    Comments (71) | Send Message
     
    What does Prudential get out of this?
    1 Apr 2013, 07:23 PM Reply Like
  • John Carleton
    , contributor
    Comments (2) | Send Message
     
    I would like to know if, by annuitizing the 41K management pensions, Verizon can eliminate their payments into the Federal Pension Guarantee Fund. If so, and other companies jump on the band wagon, it could have a serious impact on that fund.
    1 Apr 2013, 10:52 PM Reply Like
  • onlyapps
    , contributor
    Comments (71) | Send Message
     
    This article is specific to management pensions, not union pensions.
    2 Apr 2013, 11:36 AM Reply Like
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