Verizon Communications gained a court victory in its move to transfer $7.4 billion of its pension plan beneficiaries to Prudential as a U.S. District Court in Dallas dismissed a suit filed by a group of the telco's retirees.
Verizon's management retirees have gained class action status for their case against the telco's move to sell 41,000 protected pensions to The Prudential Insurance Company of America.
A legal effort to block Verizon's plan to convert pension obligations to an annuity, saying it would cause harm to retirees, was denied by a Texas court on Friday.
AT&T on Friday announced a plan to direct a $9.5 billion stake of its wireless business to their pension trust that provides benefits for 360,000 of its retired employees.
Verizon (NYSE: VZ) is going to have to take a $600 million hit in its 2010 full year earnings because of a change in the way it reports pension benefits, reports Reuters. The service provider, which
As AT&T (NYSE: T) gets ready to release Q4 2010 earnings in about two weeks, the service provider will have to take out about $2.7 billion, a factor it attributes to how it handles accounting for