IBM Retirees’ Pension Knowledge Scrambles Second Circuit Judges

An IBM Corp. pension calculations dispute appears to have divided the Second Circuit on whether the case was properly rejected for being filed too late.

The Thursday arguments focused on an Employee Retirement Income Security Act provision shortening the deadline to sue for fiduciary breach in cases where a plaintiff has “actual knowledge” of the alleged misconduct.

Judges Susan L. Carney and Maria Araújo Kahn of the US Court of Appeals for the Second Circuit both appeared skeptical of the worker-friendly arguments advanced by Colleen Smith of Stris & Maher LLP, who represents the IBM retirees and called ERISA’s actual ...