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
During the Covid-19 pandemic, a measure known as “excess mortality” has been used to predict how many deaths were caused by the disease. The value of the measure is that, at least ostensibly, it factors out deaths from non-Covid causes, showing only those deaths caused by Covid-19. Historical demographic data is used to calculate expected […]
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Edward Stone will be a guest speaker at the 2023 Society of Settlement Planners Conference in Nashville, Tennessee. Mr. Stone will be speaking on Cordero v. Transamerica Annuity Serv. Corp.: Understanding the Implications. Attorney Stephen Harris of the Law Office of Stephen Harris will join Mr. Stone on this panel.
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Cockerill, et al. v. Corteva, Inc. DuPont Specialty Products USA, LLC, et al. United States District Court Eastern District of Pennsylvania Case No. 21-cv-03966-MMB Case Overview Plaintiffs are participants in the Corteva Pension and Retirement Plan, formerly the U.S. DuPont Pension and Retirement Plan (the “Plan”). Plaintiffs brought this action on their own behalf and […]
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.jpglisa2023-02-09 21:50:032025-03-07 17:33:22DuPont Early Retirement Class Action
In an article entitled ‘Predatory Behavior Case Against Symetra Moves Closer to Trial’ (August 19, 2022 ed.) Life Annuity Specialist reported on the recent decision by Federal District Court Judge Marsha Pechman to certify a class in the case filed by Edward Stone Law PC, together with co-counsel from Keller Rohrback and Marcus & Auerbach. […]
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.jpglisa2022-08-19 15:49:142022-08-19 15:49:14Symetra Litigation – from Life Annuity Specialist
Pension de-risking transfers totaled $34.2 Billion in 2021, the highest since 2012. Two of the largest pension de-risking deals of 2021 involved Athene Holdings. Lockheed Martin transferred $4.9 Billion in pension liabilities affecting 18,000 employees to Athene Holdings effective January 1, 2022. Athene also took on $2.8 Billion in pension liabilities from JC Penny affecting 30,000 retirees. […]
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.jpglisa2022-08-16 11:19:432022-08-16 11:19:43Pension De-Risking Hits Nine Year High in 2021
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 […]
Excess Mortality During Covid 19 Not Fully Explained by Official Death Records
During the Covid-19 pandemic, a measure known as “excess mortality” has been used to predict how many deaths were caused by the disease. The value of the measure is that, at least ostensibly, it factors out deaths from non-Covid causes, showing only those deaths caused by Covid-19. Historical demographic data is used to calculate expected […]
Stone to Speak at Society of Settlement Planners Conference
Edward Stone will be a guest speaker at the 2023 Society of Settlement Planners Conference in Nashville, Tennessee. Mr. Stone will be speaking on Cordero v. Transamerica Annuity Serv. Corp.: Understanding the Implications. Attorney Stephen Harris of the Law Office of Stephen Harris will join Mr. Stone on this panel.
DuPont Early Retirement Class Action
Cockerill, et al. v. Corteva, Inc. DuPont Specialty Products USA, LLC, et al. United States District Court Eastern District of Pennsylvania Case No. 21-cv-03966-MMB Case Overview Plaintiffs are participants in the Corteva Pension and Retirement Plan, formerly the U.S. DuPont Pension and Retirement Plan (the “Plan”). Plaintiffs brought this action on their own behalf and […]
Symetra Litigation – from Life Annuity Specialist
In an article entitled ‘Predatory Behavior Case Against Symetra Moves Closer to Trial’ (August 19, 2022 ed.) Life Annuity Specialist reported on the recent decision by Federal District Court Judge Marsha Pechman to certify a class in the case filed by Edward Stone Law PC, together with co-counsel from Keller Rohrback and Marcus & Auerbach. […]
Pension De-Risking Hits Nine Year High in 2021
Pension de-risking transfers totaled $34.2 Billion in 2021, the highest since 2012. Two of the largest pension de-risking deals of 2021 involved Athene Holdings. Lockheed Martin transferred $4.9 Billion in pension liabilities affecting 18,000 employees to Athene Holdings effective January 1, 2022. Athene also took on $2.8 Billion in pension liabilities from JC Penny affecting 30,000 retirees. […]