PricewaterhouseCoopers Denied Redo of 2nd Cir. Pension Decision

PricewaterhouseCoopers LLP lost its bid to have the Second Circuit rethink a recent decision reviving a class action by retirees seeking higher pension benefits.

PwC challenged a 2019 decision in which the Second Circuit held for the first time that the Employee Retirement Income Security Act authorizes plan participants to seek an order rewriting plan terms to remedy a violation of the statute, even when there’s no indication that the violation stemmed from fraud or misconduct.

The company asked the court to reconsider, arguing that the ruling conflicts with U.S. Supreme Court precedent and impermissibly creates a “new hybrid remedy” ...