BRISTOL-MYERS SQUIBB PENSION RISK TRANSFER CLASS ACTION

Doherty v. Bristol-Myers Squibb Co., Bristol-Myers Squibb Company Pension Committee and State Street Global Advisors Trust Co.

United States District Court, Southern District of New York

Case No. 1:24-cv-06628

Case Overview

On September 3, 2024, on behalf of Charles Doherty, as representative of a similarly situated group of retirees who are participants in the Bristol-Myers Squibb Retirement Income Plan (the “Plan”), Edward Stone Law P.C., Zuckerman Spaeder LLP, and Kantor & Kantor filed a class action against Bristol-Myers Squibb Co. and State Street Global Advisors Trust Co. alleging that the defendants violated their fiduciary duties and engaged in prohibited transactions under ERISA by entering into a pension risk transfer of more than $2 billion in pension plan liabilities through the purchase of group annuity contracts offered by Athene Annuity Life Insurance Company and affiliates. Plaintiffs allege that AT&T and State Street (which served as the independent fiduciary for the  pension risk transfer transaction), did not act prudently and in the best interests of the Plan participants and beneficiaries impacted by the PRT transaction when selecting Athene as the annuity provider to assume the Plan’s liabilities.

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