Solvay Shakes ERISA Pension Plan Action In 10th Circ.
Law360, Los Angeles (July 2, 2013, 7:31 PM EDT) -- The Tenth Circuit on Tuesday scrapped a class action alleging that Solvay Chemicals Inc. violated the Employee Retirement Income Security Act when the company implemented a new retirement plan, ruling that it didn't intentionally misinform employees about their benefits.
A three-judge panel said that Solvay executives didn't deliberately fail to state how early retirement benefits were calculated under the old pension plan when it informed employees of changes in January 2005. Finding that the company's conduct wasn't egregious and that a district court didn't misread ERISA lawsuits, the panel denied the employees' appeal of the lower court's dismissal of the suit....
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