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(Bloomberg) — Verizon Communications Inc.’s pension beneficiaries can sue the company as a group over its transfer of $8.5 billion in plan obligations to Prudential Insurance Co. of America, a federal judge in Texas ruled.
The lawsuit on behalf of 41,000 people affected by the transfer can proceed as a class action on claims that the transaction violated federal law establishing standards for private pension plans, U.S. District Judge Sidney Fitzwater in Dallas said in an order recently.
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Novel legal theories and a lower bar for plaintiffs could unleash an explosion in ERISA-based lawsuits against 401(k) plan providers.
A government watchdog reports that Labor Department regulations haven't made much of an impact on the levels of disclosure and comprehension.
Much has been written recently about the increased scrutiny of employer's fiduciary responsibility related to the health and welfare plans offered to their employees.
Former employees' Minnesota lawsuit accuses the bank of overpaying for prescription drugs, claiming mismanagement of the bank's health plan drove up costs for workers.
Texas federal court judge Matthew Kacsmaryk will order the FDA to withdraw its approval for the abortion pill mifepristone.
