National Grid Had Right To Slash Retiree Benefits: 2nd Circ.

Law360, New York (November 21, 2012, 8:49 PM EST) -- The Second Circuit on Wednesday shot down a lawsuit against National Grid USA Service Co. Inc. and Niagara Mohawk Power Corp. over reductions in retirees’ benefits, saying the benefits were not contractually vested under the former employees' post-retirement life insurance plan.

The plaintiffs launched the suit in 2004, claiming Niagara Mohawk charged them inflated and excessive contributions over the course of their employment so they could participate in a specific life insurance program that they say guaranteed better benefits than other plans offered. However, the company...
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