Corporate Law News

Dow, DuPont, Corteva Hit With Pension Class Action Over Spin-Off

July 5, 2019, 1:04 PM

DowDuPont’s spin-off of its agriculture business to Corteva Inc. was part of a complex scheme to reduce the chemical conglomerate’s pension liabilities, a new lawsuit alleges.

The proposed class action, filed by four retirees covered by the DuPont Pension and Retirement Plan, names a host of defendants connected to DowDuPont and attacks the transaction under the Employee Retirement Income Security Act. The retirees say their pension benefits are now in jeopardy because responsibility for the plan—which is allegedly underfunded by as much as $5.9 billion—has been transferred to the new Corteva and away from DuPont or Dow.

The lawsuit is...

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