2nd Circ. Gives PwC Retiree Pension Suit New Life

Law360 (December 23, 2019, 3:18 PM EST) -- The Second Circuit revived a class action against PricewaterhouseCoopers LLP, overturning a district court decision and holding that PwC retirees could get their pension plans changed after the Big Four accounting firm's benefit-calculation method was found to violate ERISA.

A three-judge panel said Dec. 20 that the Employee Retirement Income Security Act allowed the district court to award the retirees the remedy they proposed — reformation of the plan and then plan enforcement — in their suit claiming PwC shorted them on their retirement benefits.

Reformation was available to the retirees under Section 502(a)(3) of ERISA as a remedy for PwC's...

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