Foot Locker Beats ERISA Suit Over Retirement Plan Change

Law360, New York (December 7, 2012, 12:26 PM EST) -- A New York federal judge on Thursday threw out a proposed class action accusing Foot Locker Inc. of illegally changing its employee retirement plan, ruling that the allegations of wrongdoing relied on “leaps of faith.”

U.S. District Judge Katherine Forrest granted Foot Locker's bid for summary judgment, terminating a Employee Retirement Income Security Act lawsuit that claimed the company lied to its employees about the likely financial consequences of a switch to so-called cash balance retirement plans.

The premise of the suit — that employees would...
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