Verizon Retirees Clinch Class Status In ERISA Suit

Law360, New York (March 29, 2013, 8:27 PM EDT) -- A Texas federal judge on Thursday granted class certification to two sets of Verizon Communications Inc. retirees who sued the telecommunications company after it transferred billions in assets and part of its pension obligations to Prudential Insurance Co. of America.

Chief Judge Sidney A. Fitzwater certified one class comprising the 41,000 former workers for Verizon or its predecessor companies whose pensions were to be paid by Prudential after Verizon’s management pension plan bought a group annuity contract from the insurer in December.

The other group consisted...
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