US Bancorp Beats Retirees’ Class Bid Over Pension Calculations

US Bancorp retirees challenging how their early retirement pensions were calculated lost their bid to certify their case as a 2,335-person class action.

The retirees’ proposed class includes both people whose default pension format is a traditional, lifetime annuity and people whose default is an annuity with a guaranteed 10-year payment, Judge Nancy E. Brasel said in an April 4 opinion. This means that some of the proposed class members would be worse off if their benefits were calculated using the methods proposed by the lawsuit, which is fatal to their bid for class certification, Brasel said for the ...