When a class of Bell Atlantic pension plan participants filed suit claiming Bell successor Verizon miscalculated -- by $1.67 billion -- the lump-sum cash payments they were due, it turned out that the sentence in the ERISA plan that implied the multiplier should be applied twice was a drafting error. The 7th Circuit has upheld a judgment for the company, although it said it was "baffling that a major corporation would not invest greater resources to ensure accuracy in the drafting of such an important document."
In the Case of the Billion-Dollar ERISA Typo, 7th Circuit Upholds Win for Verizon
The American Lawyer
August 13, 2010