Verizon Communications Inc. pension-plan beneficiaries lost abid to block the company's transfer of $7.5 billion in planobligations to Prudential Insurance Co. of America.
U.S. District Judge Sidney A. Fitzwater in Dallas today denied arequest by two retirees who worked for a Verizon predecessor toissue an order stopping the deal, saying they failed to show a“substantial likelihood of success on the merits” of theircase.
The transaction, under which the retired managers' plan would beconverted to an annuity, would strip them and about 41,000 otherbeneficiaries of the protections of federal law and causeirreparable harm, they said in lawsuit filed Nov. 27.
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