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Oct 4, 2024 | 
cohenmilstein.com | Eleanor Frisch |Carol V. Gilden |Kai Richter |Daniel Sutter
Citgo will increase the value of pensioners’ retirements by $10 million to settle a class action alleging it shorted early retirement payouts by basing the allowances on outdated mortality tables that used data from the 1970s, according to filings in Illinois federal court. Citgo Petroleum Corp. retirees entered a motion for preliminary approval Wednesday in the Employee Retirement Income Security Act suit.
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Oct 4, 2024 | 
cohenmilstein.com | Eleanor Frisch |Kai Richter |Daniel Sutter |Ryan Wheeler
Settlement provides $10 million in increased pension payments for Citgo retirees. Plaintiffs claimed Citgo used outdated mortality tables to underpay class members in violation of ERISA. CHICAGO – Today, a federal judge granted preliminary approval of a proposed class action settlement that provides $10 million in increased pension benefits to more than 1,700 participants and beneficiaries in two of Citgo Petroleum Corporation’s pension plans.
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Sep 18, 2024 | 
cohenmilstein.com | Eleanor Frisch |Kai Richter |Daniel Sutter |Ryan Wheeler
Citgo struck a deal to settle a class action alleging it shorted retirees in early retirement payouts by basing the allowances on outdated mortality tables that used data from the 1970s, according to a joint notice filed in Illinois federal court. Citgo Petroleum Corp.
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Sep 6, 2024 | 
cohenmilstein.com | Michelle Yau |Eleanor Frisch
By Michelle Yau and Eleanor FrischThe Employee Retirement Income Security Act was enacted in 1974 to address the public’s concerns that private pension plans and healthcare plans were being mismanaged and abused. We have much to celebrate as ERISA turns 50 this month.
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Sep 6, 2024 | 
law360.com | Michelle Yau |Eleanor Frisch
By Michelle Yau and Eleanor Frisch (September 6, 2024, 3:17 PM EDT) -- The Employee Retirement Income Security Act was enacted in 1974 to address the public's concerns that private pension plans and healthcare plans were being mismanaged and abused. We have much to celebrate as ERISA turns 50 this month.... Law360 is on it, so you are, too.
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Aug 24, 2024 | 
cohenmilstein.com | Caroline Bressman |Eleanor Frisch |Kai Richter |Ryan Wheeler
A Colorado federal judge refused to toss a proposed class action accusing a radiology company and its trustee of overcharging the company’s employee stock ownership plan in a $163.7 million sale, saying the former workers’ complaint puts forward enough details to back up their allegations. In a text-only order Thursday, U.S. District Judge Charlotte N. Sweeney denied Envision Management Holding Inc.
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Jul 22, 2024 | 
cohenmilstein.com | Eleanor Frisch |Kai Richter |Daniel Sutter |Jacob Schutz
Current and former New York Life workers received final approval for a $19 million deal ending their lawsuit claiming the insurance giant kept inferior proprietary investment options in its employee 401(k) plans. On Thursday, U.S. District Judge Jesse M. Furman signed off on the settlement agreement, overruling a single objection to the proposed class settlement.
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Jul 17, 2024 | 
cohenmilstein.com | Eleanor Frisch |Daniel Sutter |Michelle Yau
A cargo airline’s owners and the caretakers of its employee stock ownership plan must face an Employee Retirement Income Security Act lawsuit in Delaware federal court, a judge ruled Wednesday, throwing out their bid to arbitrate workers’ claims that the defendants mismanaged the transaction that created the ESOP. In a two-page order, U.S. District Judge Richard G. Andrews adopted U.S. Magistrate Judge Jennifer L. Hall’s Jan.
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May 16, 2024 | 
cohenmilstein.com | Eleanor Frisch |Daniel Sutter |Ryan Wheeler |Michelle Yau
Class action certification and recent ruling largely dismissing CITGO’s summary judgment adds fuel to plaintiffs’ claim that CITGO imposed “marriage penalty” on pension plans’ joint and survivor annuity recipients. CHICAGO – Today, a federal judge certified a class of more than 1,700 participants and beneficiaries in two of CITGO Petroleum Corporation’s pension plans.
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Apr 22, 2024 | 
cohenmilstein.com | Eleanor Frisch
Ellie Frisch, an attorney in our Employee Benefits/ ERISA practice, joins a panel at the 2024 Race & Equity Series presented by the Hennepin County Bar Association (HCBA) & Ramsey County Bar Association (RCBA) Diversity Committee. The panel program is co-hosted by the Minnesota Disability Bar Association (MDisBA) and Minnesota Women Lawyers (MWL).
