Benefits & Executive Compensation News

Dow, DuPont, Corteva Defend ERISA Challenge to Merger, Spin-Off

Oct. 15, 2019, 3:13 PM

Dow Inc., DuPont de Nemours Inc., and Corteva Inc. asked a federal judge in Oakland, Calif., to dismiss an unusual lawsuit claiming a recent series of corporate transactions was part of a complex scheme to reduce the chemical conglomerate’s pension liabilities.

The proposed class action rests on a “deeply flawed and legally unsupportable premise,” the companies said in a motion to dismiss. The plaintiffs, four retirees covered by the DuPont Pension and Retirement Plan, have asked the court to “ignore corporate, tax, and securities law principles” and instead apply the fiduciary standards of the Employee Retirement Income Security Act to...

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