Puerto Rico Insurer Pension Cut Suit Gets Class Action Treatment

A lawsuit accusing one of Puerto Rico’s largest insurers of pension mismanagement is moving forward as a class action covering 217 people whose benefits in the Real Legacy Assurance Co. pension plan were cut when the plan was terminated.

The plan participants’ Employee Retirement Income Security Act claims turn on common questions about the defendants’ conduct that can be resolved on a class-wide basis, Judge Silvia L. Carreño-Coll said in an order granting their unopposed motion for class certification. However, Carreño-Coll said she’d wait to determine whether the participants’ negligence claims against the plan’s actuarial firms could be certified for ...