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Verizon Retirees Lose Bid to Block Pension Transfer
Lawsuit argued pension beneficiaries would lose protection under federal law.
Verizon Communications Inc. pension-plan beneficiaries lost a bid to block the company’s transfer of $7.5 billion in plan obligations to Prudential Insurance Co. of America.
U.S. District Judge Sidney A. Fitzwater in Dallas today denied a request by two retirees who worked for a Verizon predecessor to issue an order stopping the deal, saying they failed to show a “substantial likelihood of success on the merits” of their case.
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