Court Denies Attempt to Stop Verizon Pension Transfer
A federal judge in Texas has ruled against a pair of Verizon retirees suing to block the company's transfer of pension obligations to Prudential , according to a court document. The ruling paves the way for Verizon to complete the transfer.
The company first announced its intention to move $7.5 billion of its $30 billion in pension obligations to Prudential in October to provide a group annuity plan for its ex-employees. Verizon has around 41,000 former workers eligible for benefits.
The following month, two of those retirees filed a lawsuit seeking to block Verizon's move.
The article Court Denies Attempt to Stop Verizon Pension Transfer originally appeared on Fool.com.Eric Volkman and The Motley Fool have no positions in the stocks mentioned above. Try any of our Foolish newsletter services free for 30 days. We Fools don't all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.
Copyright © 1995 - 2012 The Motley Fool, LLC. All rights reserved. The Motley Fool has a disclosure policy.