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Puerto Rico Insurer Sued Over Pension Cuts, $35 Million Gap

Nov. 8, 2019, 9:00 PM

One of Puerto Rico’s largest insurance companies allegedly mismanaged a pension plan covering employees of a subsidiary that’s undergoing liquidation after taking steep losses in the wake of Hurricanes Irma and Maria, according to a proposed class action filed Nov. 8 in the District of Puerto Rico.

Joel Vega Ortiz’s lawsuit against Cooperativa de Seguros Multiples de Puerto Rico says participants in the Real Legacy Assurance Co. pension plan were informed in October that their plan was underfunded by at least $35 million and that benefits would be cut in connection with Real Legacy’s liquidation. Some participants are slated to...

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