Litigator of the Week Runners-Up and Shout-Outs: Covington Scores ERISA Class Action Win for Verizon

A Covington team led by Christian Pistilli, Robert Newman, and Nicholas Pastan earned a Litigator of the Week runner-up mention in AmLaw Litigation Daily for securing the dismissal of a proposed class action challenging Verizon’s 2024 pension risk transfer, which moved $5.7 billion in liabilities to Prudential Insurance Co. of America and RGA Reinsurance Co.

Plaintiffs claimed the pension risk transfer violated the Employee Retirement Income Security Act. U.S. District Senior Judge Alvin Hellerstein dismissed the suit, finding that plaintiffs lacked Article III standing and failed to state a claim under ERISA. The court held that plaintiffs’ allegations of future harm were “speculative and conclusory.” The court also rejected claims that Verizon breached fiduciary duties or engaged in prohibited transactions.

The Covington team also included Lelia Ledain and Celin Carlo-Gonzalez.