Transportation Authority Sues BP, Officers Over Pension Fund Losses

WILMINGTON, Del. - The Southeastern Pennsylvania Transportation Authority (SEPTA) on May 21 sued BP, its subsidiaries, its officers and its partners in the Deepwater Horizon oil drilling project for losses on BP stock in its pension fund since the massive Gulf of Mexico oil spill after the rig's...

Supreme Court Says ERISA Permits District Court To Reform Pension Plan

WASHINGTON, D.C. - (Mealey's) The U.S. Supreme Court on May 16 ruled that although Section 502(a)(1)(B) of the Employee Retirement Income Security Act does not permit a district court to reform the terms of a pension plan, Section 502(a)(3) does authorize such relief ( CIGNA Corporation, et al. v...

Williams Mullen: Retirement Plan Plaintiffs Were Not Required To Exhaust Administrative Remedies Before Filing Their Class Action

By Mark S. Thomas and Robert W. Shaw The Second Circuit has held that a putative class of ERISA plaintiffs was not required to exhaust a plan's administrative remedies prior to filing claims for a redetermination of future retirement benefits and alleged irregularities in plan amendments. Kirkendall...