Northern Trust Escapes ERISA Suit Over Benefit Changes
Law360, Chicago (March 7, 2017, 7:28 PM EST) -- An Illinois federal judge on Monday tossed a putative class action accusing financial advisory firm Northern Trust Co. of violating the Employee Retirement Income Security Act through changes to its employees’ pension plan, ruling that the company did not guarantee that it would always tie benefit increases to salary.
U.S. District Judge John W. Darrah dismissed the lawsuit, but gave lead plaintiff James Teufel the opportunity to refile his ERISA claims against Northern Trust “if he can do so in a manner consistent with this opinion.”
Teufel alleges that a 2012 policy to cap yearly benefit increases at 1.5 percent violates a...
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