Case Brought by Schlichter Bogard on Behalf of Bristol-Myers Squibb Pension Plan Participants Will Proceed
As reported by Bloomberg Law and other media outlets, a case brought by Schlichter Bogard on behalf of participants enrolled in Bristol-Myers Squibb’s employee pension plan will proceed.
Last week, a U.S. District Court judge denied Bristol-Myers Squibb’s motion to dismiss the proposed class action, finding that the plaintiffs represented by Schlichter Bogard have a plausible claim that the company and its fiduciary violated the Employee Retirement Income Security Act (ERISA).
The complaint alleges that the pharmaceutical company put employees’ retirement benefits at risk by offloading more than $2 billion in pension liabilities to a high-risk annuity provider.
