Pepsi Fund Beats ERISA Claims Over Interest Rate Change

Law360, New York (September 28, 2012, 8:27 PM EDT) -- A federal judge in New York on Thursday tossed putative class allegations brought against a PepsiCo Inc. retirement plan, ruling that a change to the plan's interest rate was made properly and did not violate the Employee Retirement Income Security Act.

U.S. District Judge Cathy Seibel granted summary judgment to the defendants — the PepsiCo Executive Income Deferral Compensation Program and the program’s administrative board — which faced allegations that the program violated ERISA by changing the interest rate applied to investments under one of the...
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