7th Circ. Says Verizon Can Fix $1B Error In Benefit Plan

Law360, New York (August 10, 2010, 7:09 PM EDT) -- A federal appeals court said Tuesday that Verizon Communications Inc. could correct a “scrivener's error” in an employee benefit plan that could have cost the company over $1 billion.

A three-judge panel of the U.S. Court of Appeals for the Seventh Circuit affirmed a lower court ruling finding that Verizon could reform the plan's opening balance formula, which was drafted in error.

It was the first decision in an Employment Retirement Income Security Act case at the appeals level to allow a court to grant “equitable...
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