Verizon Workers Can't Stop $7.5B Pension Plan Transfer

Law360, Los Angeles (December 7, 2012, 8:16 PM EST) -- A Texas federal judge on Friday denied the attempt by Verizon Communications Inc. retirement plan beneficiaries to block the telecommunications company’s transfer of $7.5 billion in pension obligations to Prudential Insurance Co. of America.

U.S. District Judge Sidney A. Fitzwater rejected the request of Verizon retirees William Lee and Joanne McPartlin, suing individually and as representatives of participants and beneficiaries of the Verizon Management Pension Plan, to grant a preliminary injunction or a temporary restraining order to halt the transaction.

Once the transfer, which is scheduled...
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