The Supreme Court is being petitioned to review a claim thatcould clarify when participants in defined benefit pension planshave a right to sue sponsors under the Employee Retirement Income SecurityAct.
The case, Pundt v. Verizon, derives from the landmarkcase, Lee v. Verizon, which challenged the $8.4 billionpension buyout contract the telecommunications giant purchased fromPrudential in 2012.
Last August the 5th Circuit Court ofAppeals upheld a lower court ruling in favor ofVerizon. Participants had alleged the buyout annuity violated ERISAon several grounds.
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Nick Thornton
Nick Thornton is a financial writer covering retirement and health care issues for BenefitsPRO and ALM Media. He greatly enjoys learning from the vast minds in the legal, academic, advisory and money management communities when covering the retirement space. He's also written on international marketing trends, financial institution risk management, defense and energy issues, the restaurant industry in New York City, surfing, cigars, rum, travel, and fishing. When not writing, he's pushing into some land or water.
