Northrop Retirees Revive Pension Cut Class Suit in Ninth Circuit

Northrop Grumman Corp. must face a revived class action by retirees challenging how the company calculated pensions for certain employees of predecessor companies.

The retirees’ claim that Northrop breached its fiduciary duty under the Employee Retirement Income Security Act for failing to disclose a pension offset and its effects was timely filed, the US Court of Appeals for the Ninth Circuit said Monday in an unpublished opinion.

The company’s issuance of the 2014 summary plan description was the “last action” in a series of allegedly misleading statements about the pension offset, making the retirees’ 2017 lawsuit filed within the six-year ...