Lee v. Verizon Communications Inc.

MEMORANDUM OPINION AND ORDER

SIDNEY A. FITZWATER, Chief Judge.

Defendants move under Fed.R.Civ.P. 12(b)(1) and/or (b)(6) to dismiss this ERISA-based1 class action arising from the decision of a pension plan to purchase a single premium group annuity contract from a third party to settle approximately $7.4 billion of the plan’s pension liabilities to certain plan beneficiaries. For the reasons that follow, the court grants defendants’ motion but also permits plaintiffs to replead.2

I

This is a certified class action brought by plaintiffs William Lee, Joanne McPartlin, and Edward Pundt…