Search
 

Verizon sued over $5.9B pension risk transfer deal with Prudential by ex-employees

Ex-employees are suing Verizon as well as State Street Global Advisors, which served as the “independent fiduciary” in putting the deal together to manage the pensions of 56,000 retirees.

By Lynn Cavanaugh | January 06, 2025 at 11:07 AM
Verizon headquarters

Verizon was hit with a class action lawsuit last week by three ex-employees who say it improperly shifted pension benefit responsibilities to an insurance company, in the latest pension risk transfer lawsuit challenging the efficacy of insurance companies managing pension funds.

However, insurance company Prudential, which is managing the pensions, is not named as a defendant in the Verizon lawsuit. Plaintiffs are suing Verizon and State Street Global Advisors, which served as “the independent fiduciary” in putting the deal together, according to the lawsuit.

NOT FOR REPRINT

© 2025 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

BenefitsPRO

Join BenefitsPRO

Don’t miss crucial news and insights you need to navigate the shifting employee benefits industry. Join BenefitsPRO.com now!

  • Unlimited access to BenefitsPRO.com - your roadmap to thriving in a disrupted environment
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com
  • Exclusive discounts on BenefitsPRO.com and ALM events.

Already have an account? Sign In Now
Join BenefitsPRO

Copyright © 2025 ALM Global, LLC. All Rights Reserved.