Federal Court Grants Class Action Status to Verizon Retirees in $8.5B Sell-Off

A United States District Court Judge in Dallas has ordered class certification of claims by management retirees of Verizon Communications Inc. VZ in litigation regarding the sell-off of 41,000 ERISA protected pensions to The Prudential Insurance Company of America PRU in exchange for providing Prudential with billions in Verizon retirees' pension assets.