Benefits & Executive Compensation News

Olympus Corp. Sued by Retirees Over Pension Stop-Payment Orders

June 29, 2020, 6:03 PM

More than 30 retirees of Olympus Corporation of the Americas filed a proposed class action in a Philadelphia federal court claiming the company mismanaged its pension plan by offering a lump sum cashout window that miscalculated benefit amounts and sought to claw back benefits in the process of being paid.

The lawsuit, filed June 26 in the U.S. District Court for the Eastern District of Pennsylvania, claims Olympus offered certain retirees the opportunity take their pensions as a lump sum during a window that closed on March 31, 2020. The company then incorrectly told retirees that it had overestimated their...

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