Sprint Will Pay $3.5 Million to Settle a Pension Plan Lawsuit

Sprint Communications will pay $3.5 million to settle an ERISA lawsuit by former employees who accused the company of shortchanging their retirement benefits by using out-of-date mortality tables and improper interest rates to calculate the benefits.

The settlement notice was filed Nov. 29 in a U.S. District Court in Kansas City, Kan., by attorneys representing the plaintiffs, noting that the document was unopposed by the defendants.

One plaintiff sued in November 2022, and two other plaintiffs joined in an amended complaint in January in McFadden et al. vs. Sprint Communications LLC et al. The class-action settlement requires court approval.

Read the source article at Pensions&Investments