BP Workers Lose Round in Cash Balance Plan Dispute

Feb. 22, 2017, 7:07 PM

Claims by workers accusing BP Corp. North America Inc. of violating ERISA by mishandling the 1989 conversion of its defined benefit pension plan to a cash balance plan were tossed out by a federal judge in Texas (Guenther v. BP Retirement Accumulation Plan, S.D. Tex., No. 4:16-cv-00995, 2/21/17).

Judge Melinda Harmon Feb. 21 granted in part BP’s motion to dismiss, holding that the two participants who filed the lawsuit on behalf of others lacked standing because they didn’t allege they were injured by the conversion. Although they asserted generally that plan participants will receive reduced ...

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