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