Court Denies Attempt to Stop Verizon Pension Transfer

A federal judge in Texas has ruled against a pair of Verizon (NYSE: VZ  ) retirees suing to block the company's transfer of pension obligations to Prudential (NYSE: PRU  ) , according to a court document. The ruling paves the way for Verizon to complete the transfer.

The company first announced its intention to move $7.5 billion of its $30 billion in pension obligations to Prudential in October to provide a group annuity plan for its ex-employees. Verizon has around 41,000 former workers eligible for benefits.

The following month, two of those retirees filed a lawsuit seeking to block Verizon's move.


Read/Post Comments (0) | Recommend This Article (0)

Comments from our Foolish Readers

Help us keep this a respectfully Foolish area! This is a place for our readers to discuss, debate, and learn more about the Foolish investing topic you read about above. Help us keep it clean and safe. If you believe a comment is abusive or otherwise violates our Fool's Rules, please report it via the Report this Comment Report this Comment icon found on every comment.

Be the first one to comment on this article.

Sponsored Links

Leaked: Apple's Next Smart Device
(Warning, it may shock you)
The secret is out... experts are predicting 458 million of these types of devices will be sold per year. 1 hyper-growth company stands to rake in maximum profit - and it's NOT Apple. Show me Apple's new smart gizmo!

DocumentId: 2145589, ~/Articles/ArticleHandler.aspx, 8/21/2014 1:15:31 PM

Report This Comment

Use this area to report a comment that you believe is in violation of the community guidelines. Our team will review the entry and take any appropriate action.

Sending report...


Advertisement