DC Circ. Nixes Pensioner's Bid For Lump-Sum Payment

Law360 (April 20, 2021, 8:09 PM EDT) -- A former executive of the now-defunct Penn Traffic Co. must receive his pension in monthly installments rather than as a lump sum, a D.C. Circuit panel ruled Tuesday, affirming a Washington, D.C., federal judge's decision.

The ruling hands a win to the federal agency that pays out pensions to the retirees of bankrupt companies and a loss to Joseph Fisher, who had sued the agency in an attempt to receive his retirement benefits as a lump sum.

Fisher initially asked for the lump-sum benefits from the Pension Benefit Guaranty Corp. directly, suing after the agency's internal appeals board denied his request...

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