Benefits & Executive Compensation News

PricewaterhouseCoopers Loses Appeal in Pension Class Suit (1)

Dec. 23, 2019, 4:51 PMUpdated: Dec. 23, 2019, 7:54 PM

PricewaterhouseCoopers LLP on Dec. 23 lost a Second Circuit appeal against a class of retirees seeking higher pension payments.

The ruling is a victory for workers because it expands the spectrum of remedies available in lawsuits under the Employee Retirement Income Security Act. It’s also a victory for the Labor Department, which filed a brief supporting the PwC retirees.

The retirees have spent 13 years in court challenging various aspects of their pension plan, including how the plan defined a worker’s normal retirement age. Prior court decisions established that the plan’s retirement age violated ERISA, but a district judge nevertheless...

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