The Supreme Court has ordered the 5th Circuit Courtof Appeals to reconsider whether fiduciaries of Verizon'sdefined benefit pension plan violatedtheir duty to participants in transferring $7.5 billion in planassets in 2012.
In August of 2015, the 5th Circuit upheld a lowercourt decision in favor of Verizon, in Lee v. Verizon.
That case was brought by two classes of plaintiffs: the 41,000participants whose pension liabilities were transferredto Prudential Insurance Co., and the 50,000 participants thatremained in Verizon's defined benefit retirement plan.
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