Verizon headquarters
Verizon was hit with a class-action lawsuit last week by three ex-employees who say the company 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 suit.
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