MetLife Settles Pension Math Class Action, Heading Off Trial

Metropolitan Life Insurance Co. and a class of retirees challenging how their pensions are calculated reached a settlement one day before the case was scheduled to go to trial.

The trial was slated to begin Tuesday before Judge Dale E. Ho of the US District Court for the Southern District of New York. It would have been the first trial in the recent series of cases challenging the actuarial and interest rate assumptions large employers use to calculate certain optional pension formats. The cases have spurred mixed results in court, with opinions focusing on whether the Employee Retirement Income ...