Mealey's Litigation Procedure - Plan Sponsor Must Pay Portion Of $1.32M Of Fees Awarded In Whipsaw Class Action

CINCINNATI - A federal judge in Ohio on Feb. 4 awarded $1.32 million in fees, a portion of which is to paid by the sponsor of a cash-balance pension plan, in a class action in which retirees prevailed on their claims that the plan miscalculated their lump-sum payments by failing to apply a whipsaw calculation in violation of the Employee Retirement Income Security Act (William J. Schumacher v. AK Steel Corporation Retirement Accumulation Pension Plan, et al., No. 09-794, S.D. Ohio; 2014 U.S. Dist. LEXIS 13768).

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