On December 30, 2024, Edward S. Stone, Esq. of Edward Stone Law P.C. and Elizabeth Hopkins, Esq. of Kantor & Kantor, LLP filed a class action lawsuit in U.S. District Court for the Southern District of New York on behalf of approximately 56,000 Verizon Communications Inc. who formerly participated in one of two defined benefit […]
https://edwardstonelaw.com/wp-content/uploads/2019/07/Edward-Stone-Law-Logo-Web-1.jpg00lisahttps://edwardstonelaw.com/wp-content/uploads/2019/07/Edward-Stone-Law-Logo-Web-1.jpglisa2025-03-04 18:13:362025-03-04 18:15:38Pension Risk Transfer Lawsuit Filed against Verizon
After a six day bench trial held during June and September, 2024, on December 18, 2024, the Honorable Michael M. Baylson found in Plaintiffs’ favor on Count II (Claim for Benefits and to Clarify Benefits under 29 U.S.C. § 1132(a)(1)(B) by the Optional Retirement Class), Count IV (Claim for Breach of Fiduciary Duty, 29 U.S.C. […]
https://edwardstonelaw.com/wp-content/uploads/2019/07/Edward-Stone-Law-Logo-Web-1.jpg00lisahttps://edwardstonelaw.com/wp-content/uploads/2019/07/Edward-Stone-Law-Logo-Web-1.jpglisa2025-03-03 22:53:012025-03-07 17:26:27DuPont Retirement Class Action Win for Plaintiffs
On May 17, 2024, the Honorable Andrew N. Mais, the Insurance Commissioner of the State of Connecticut filed a petition seeking an order of rehabilitation of PHL Variable Insurance Company (“PHL”), Concord Re, Inc., and Palisado Re, Inc. (the “Companies”) pursuant to the provisions of the Insurers Rehabilitation and Liquidation Act, Conn. Gen. Stat. §§ 38a-903 to […]
Edward Stone was a scheduled speaker at the 2024 Fasano Longevity Conference, presenting to attendees on recent insurance company insolvencies, including Columbian Mutual (New York, 2024) and PHL Variable (Connecticut, 2024).
Edward Stone participated in the Institutional Longevity Markets Association (ILMA) investor summit on June 11, 2024, speaking to Association members and guests on insurance company insolvencies.
https://edwardstonelaw.com/wp-content/uploads/2019/07/Edward-Stone-Law-Logo-Web-1.jpg00lisahttps://edwardstonelaw.com/wp-content/uploads/2019/07/Edward-Stone-Law-Logo-Web-1.jpglisa2024-06-11 18:01:582025-03-07 17:35:49Edward Stone – Speaker at the Institutional Longevity Markets Association Summit
On November 17, 2023, the Honorable Michael M. Baylson granted class certification in this litigation. Judge Baylson certified two classes of workers: (i) an early retirement class, consisting of more than 500 individuals, and (ii) an optional retirement class, consisting of several thousand workers. The early retirement class consists of those who were under 50 […]
https://edwardstonelaw.com/wp-content/uploads/2019/07/Edward-Stone-Law-Logo-Web-1.jpg00lisahttps://edwardstonelaw.com/wp-content/uploads/2019/07/Edward-Stone-Law-Logo-Web-1.jpglisa2023-11-21 22:32:112025-03-07 17:37:10Class Certification Granted in Cockerill, et al. v. Corteva, Inc., et al.
Patrick Hindert at Independent Life did an excellent three-part blog post on the Cordero Case that was argued before the New York Court of Appeals earlier this year. Part One sets out the facts of Mr. Cordero’s case, and outlines the question that was certified to the New York Court of Appeals: Does a plaintiff […]
https://edwardstonelaw.com/wp-content/uploads/2019/07/Edward-Stone-Law-Logo-Web-1.jpg00lisahttps://edwardstonelaw.com/wp-content/uploads/2019/07/Edward-Stone-Law-Logo-Web-1.jpglisa2023-08-01 22:43:462023-11-21 23:08:43CORDERO CASE RECAP
Edward Stone testified before the ERISA Advisory Council in Washington D.C. on July 18, 2023 on behalf of Retirees for Justice, the Association of BellTel Retirees, Inc., the Association of DuPont Retirees Inc., and GE Retiree Solutions about the importance of accountability and transparency for retirees in pension risk transfer transactions. The ERISA Advisory Council […]
https://edwardstonelaw.com/wp-content/uploads/2019/07/Edward-Stone-Law-Logo-Web-1.jpg00lisahttps://edwardstonelaw.com/wp-content/uploads/2019/07/Edward-Stone-Law-Logo-Web-1.jpglisa2023-07-18 18:06:042025-03-04 18:09:05Stone Testifies Before ERISA Advisory Council
The pension risk transfer (PRT) market is growing fast. Single premium pension risk transfers during the first quarter of 2023 were the highest they’ve ever been in a first quarter, according to LIMRA’s U.S Group Annuity Risk Transfer Survey. First quarter sales are usually much more sluggish. In the first quarter of 2023, the value […]
When a pension risk transfer deal (PRT) takes place, liabilities for retirees’ pensions are transferred to an insurance company. It follows, then, that an insurer’s investment decisions stand to impact retirees directly. Insurers are increasingly transferring payment liabilities to offshore reinsurance companies in jurisdictions like Bermuda and the Cayman Islands. This is very troubling for […]
https://edwardstonelaw.com/wp-content/uploads/2019/07/Edward-Stone-Law-Logo-Web-1.jpg00samhttps://edwardstonelaw.com/wp-content/uploads/2019/07/Edward-Stone-Law-Logo-Web-1.jpgsam2023-03-13 23:51:352023-03-13 23:51:35The Troubling Use of Offshore Reinsurers
Pension Risk Transfer Lawsuit Filed against Verizon
On December 30, 2024, Edward S. Stone, Esq. of Edward Stone Law P.C. and Elizabeth Hopkins, Esq. of Kantor & Kantor, LLP filed a class action lawsuit in U.S. District Court for the Southern District of New York on behalf of approximately 56,000 Verizon Communications Inc. who formerly participated in one of two defined benefit […]
DuPont Retirement Class Action Win for Plaintiffs
After a six day bench trial held during June and September, 2024, on December 18, 2024, the Honorable Michael M. Baylson found in Plaintiffs’ favor on Count II (Claim for Benefits and to Clarify Benefits under 29 U.S.C. § 1132(a)(1)(B) by the Optional Retirement Class), Count IV (Claim for Breach of Fiduciary Duty, 29 U.S.C. […]
PHL Variable – Connecticut Rehabilitation
On May 17, 2024, the Honorable Andrew N. Mais, the Insurance Commissioner of the State of Connecticut filed a petition seeking an order of rehabilitation of PHL Variable Insurance Company (“PHL”), Concord Re, Inc., and Palisado Re, Inc. (the “Companies”) pursuant to the provisions of the Insurers Rehabilitation and Liquidation Act, Conn. Gen. Stat. §§ 38a-903 to […]
Edward Stone – Speaker at 2024 Fasano Longevity Conference
Edward Stone was a scheduled speaker at the 2024 Fasano Longevity Conference, presenting to attendees on recent insurance company insolvencies, including Columbian Mutual (New York, 2024) and PHL Variable (Connecticut, 2024).
Edward Stone – Speaker at the Institutional Longevity Markets Association Summit
Edward Stone participated in the Institutional Longevity Markets Association (ILMA) investor summit on June 11, 2024, speaking to Association members and guests on insurance company insolvencies.
Class Certification Granted in Cockerill, et al. v. Corteva, Inc., et al.
On November 17, 2023, the Honorable Michael M. Baylson granted class certification in this litigation. Judge Baylson certified two classes of workers: (i) an early retirement class, consisting of more than 500 individuals, and (ii) an optional retirement class, consisting of several thousand workers. The early retirement class consists of those who were under 50 […]
CORDERO CASE RECAP
Patrick Hindert at Independent Life did an excellent three-part blog post on the Cordero Case that was argued before the New York Court of Appeals earlier this year. Part One sets out the facts of Mr. Cordero’s case, and outlines the question that was certified to the New York Court of Appeals: Does a plaintiff […]
Stone Testifies Before ERISA Advisory Council
Edward Stone testified before the ERISA Advisory Council in Washington D.C. on July 18, 2023 on behalf of Retirees for Justice, the Association of BellTel Retirees, Inc., the Association of DuPont Retirees Inc., and GE Retiree Solutions about the importance of accountability and transparency for retirees in pension risk transfer transactions. The ERISA Advisory Council […]
The Market for Pension Risk Transfers Continues to Grow
The pension risk transfer (PRT) market is growing fast. Single premium pension risk transfers during the first quarter of 2023 were the highest they’ve ever been in a first quarter, according to LIMRA’s U.S Group Annuity Risk Transfer Survey. First quarter sales are usually much more sluggish. In the first quarter of 2023, the value […]
The Troubling Use of Offshore Reinsurers
When a pension risk transfer deal (PRT) takes place, liabilities for retirees’ pensions are transferred to an insurance company. It follows, then, that an insurer’s investment decisions stand to impact retirees directly. Insurers are increasingly transferring payment liabilities to offshore reinsurance companies in jurisdictions like Bermuda and the Cayman Islands. This is very troubling for […]