Verizon Escapes ERISA Suit Over $7.4B Pension Transfer

Law360, Houston (June 25, 2013, 9:17 PM EDT) -- A Texas federal judge on Monday dismissed a class action brought by Verizon Communications Inc. retirees, ruling that their legal claims against the telecommunications giant over its transfer of $7.4 billion in pension obligations to Prudential Insurance Co. of America were unclear.

In dismissing the suit, U.S. District Judge Sidney A. Fitzwater ruled that the retirees had failed to assert viable claims establishing that the transfer was a breach of Verizon’s fiduciary duty to the pensioners or a violation of the Employee Retirement Income Security Act....
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