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Case ID: 2682 | Employment | 07/15/2004
A class action has been filed against trucking and air freight conglomerate CNF, Inc., and its actuarial firm, Towers, Perrin, Forster & Crosby, Inc., on behalf of former employees who allege that the companies caused the pension plan for Consolidated Freightways Company, Inc., a CNF subsidiary that CNF later spun off, to become under-funded, costing retirees millions of dollars in lost pension benefits in violation of the federal Employee Retirement Income Security Act (ERISA). The action seeks a court order that will require CNF, Consolidated and Towers to make the pension plan whole again by paying into it enough money to cover the losses that the employees suffered.
The action alleges that, when CNF spun off Consolidated Freightways in 1996, CNF was most likely aware that Consolidated would not survive more than a few years, as Consolidated had lost tens of millions of dollars in the two years leading up to the spin-off. In September 2002, Consolidated filed for Chapter 11 bankruptcy. When CNF spun off Consolidated Freightways, CNF simultaneously placed its pension obligations to certain active and retired employees in the newly-created Consolidated Freightways pension plan. The action alleges that although CNF knew of the poor past performance of Consolidated Freightways, CNF transferred too little money to the new pension plan to cover the benefits that the employees had earned during their years of working for CNF. CNF's decisions were based on the advice of Towers, Perrin, Forster & Crosby. Moreover, in each year from 1997 through 2001, Towers determined, based on allegedly unreasonable assumptions, that the pension plan was fully funded and that CFC had no obligation to contribute any funds to the pension plan. In January 2003, Consolidated Freightways informed its plan participants that the plan did not have sufficient funds to pay all accrued benefits. On June 3, 2003, the Pension Benefits Guaranty Corporation, the federal entity that oversees pension plans, took over the Consolidated Freightways pension plan. The Pension Benefits Guaranty Corporation estimated that the plan had only $228 million in assets to cover approximately $504 million in accrued benefits. At Lawcash.com, it is our goal to keep you informed about important legal cases, class actions and settlements. Our lawyers offer free legal evaluations in tort cases, class actions, personal injury, and other lawsuits because we are dedicated to helping you resolve your legal complaints. Other Employment Cases of Interest A class action lawsuit has been filed in the Southern District Court of Florida against Arbor Tree & Land, Inc. The case involves violations of the Fair Labor Standards Act. No additional information about the substance of the allegations is available at this time. Classactionamerica.com will monitor this case and provide additional details as soon as they become available. The federal Fair Standards Labor Act requires that most hourly employees be paid overtime wages if they work more than 40 hours in a normal workweek. A nationwide class action has been filed against Bank One, N.A., on behalf of all non-supervisory Group Bankers employed by Bank One since September 29, 2000, who allege that the company has not paid them overtime for hours they work in excess of their normal 40 hour workweek, in violation of the federal Fair Labor Standards Act. Qualified employees should join the action as soon as possible to prevent forfeiture of benefits because of the operation of federal statutory deadlines. Several current and former African American workers at Super Steel claim the company conducts a hate filled work environment. The lawsuit was filed in federal court on behalf of nine workers.
The workers claim over the past several years they experienced racist remarks, vandalism to their lockers, and a segregated environment in the break room. Workers state the company has not done enough to stop the problem despite repeated complaints to superiors.
The parties have reached a tentative $16+ million settlement in a class action filed against New York Life insurance Company on behalf of current and former agents who contracted with New York Life before January 1, 1991. The action alleges that New York Life violated the Employment Retirement Income Security Act of 1974 by paying its “Non-Qualified Benefit” only a select group of established agents known as "Senior Nylics." Persons eligible to take part in the settlement should contact attorneys for the class as soon as possible. A class action lawsuit has been filed in federal court against Florida based health care provider life care centers. The case involves violations of federal labor law. No additional information about the substance of the allegations is available at this time. Classactionamerica.com will monitor this case and provide additional details as soon as they become available. A statewide collective action has been filed in New York against Jacobs Nursing & Healthcare Employment Services Agency, Inc. The action is brought on behalf of all New York residents who have been employed by Jacobs between December 22, 1997 and December 22, 2003 and who have not been paid overtime compensation during their employment. The employees bring this action under the federal Fair Labor Standards Act and New York labor laws and seek back pay, statutory damages and injunctive and declaratory relief. As a collective action, all potential
claimants must "opt-in" to the action in order to recover. The employees have indicated that the potential class is quite large and have asked the court to issue notice to all potential claimants.
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