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