We’re betting that no one was more relieved by Verizon‘s Nov. 2 defeat of a $1.67 billion ERISA class action than a former Bell Atlantic in-house lawyer named Barry Peters. Peters, as he testified at a September hearing in the case, was responsible for the typographical error in the Bell Atlantic ERISA plan that was the basis of the billion-dollar class claims.
Anyone could have made the mistake Peters made. In the 1990s — before it was acquired by Verizon — Bell Atlantic switched over from one pension plan to another. It was a major undertaking, and to assure employees that the change was fair, the company boosted opening balances in the new plan by multiplying the cash-out value of each employee’s stake in the old plan by a variable “transition factor” that was based on age and years of service.
This content has been archived. It is available through our partners, LexisNexis® and Bloomberg Law.
To view this content, please continue to their sites.
LexisNexis® and Bloomberg Law are third party online distributors of the broad collection of current and archived versions of ALM's legal news publications. LexisNexis® and Bloomberg Law customers are able to access and use ALM's content, including content from the National Law Journal, The American Lawyer, Legaltech News, The New York Law Journal, and Corporate Counsel, as well as other sources of legal information.
For questions call 1-877-256-2472 or contact us at [email protected]