Conagra Panel Can’t Escape Suit Over Ex-Beatrice Worker Pensions

Conagra Brands Inc.'s pension committee defeated part of a proposed class action over the benefits owed to retirees who worked for Beatrice Foods Co. before its acquisition, but it must defend one claim of fiduciary breach under ERISA.

Judge Georgia N. Alexakis dismissed claims that the Conagra panel violated an Employee Retirement Income Security Act rule prohibiting reductions in pension benefits that have already accrued. The pension plan for Beatrice—a company Conagra acquired in 1990—bars the retroactive payment of benefits, which is fatal to plaintiff Steven Tyrakowski’s claim that the panel violated ERISA’s anti-cutback rule, Alexakis said.

Tyrakowski’s lawsuit says ...