Investigation and pending class action lawsuit against SBC company on behalf of retirees of an SBC Company including, but not limited to retirees of Ameritech, Pacific Telesis, Southern New England Telephone, and Southwestern Bell Telephone Company.
Beginning in January 2003, and continuing through at least October 2005, SBC announced a series of reductions, alterations, or eliminations of the OOR Retiree Concession and that these reductions or eliminations violated ERISA. The class action complaint claims that SBC, as the entity maintaining the OOR Retiree Concession, should have adopted a written plan document to govern the plan that designated named fiduciaries responsible for its operation. SBC was required, but has failed, to establish and contribute to a trust to fund the OOR Retiree Concession as required by ERISA and that SBC failed to notify Plaintiffs and the Class that the OOR Retiree Concession did not met ERISA's funding requirements.
The class action lawsuit claims that, as a result, SBC is subject to a fine (which may be imposed at the discretion of the Court). Plaintiffs claim that the OOR Retiree Concession as maintained by SBC violated ERISA's vesting and accrual provisions. The vesting provision of ERISA provides that once an employee earning a pension benefit has satisfied certain requirements, the benefit cannot be forfeited. The accrual provision of ERISA provides that employees must earn any pension benefit gradually over their years of service. Plaintiffs claim that SBC, as the OOR Retiree Concession Administrator, was required to provide certain disclosures to the Participants and Beneficiaries of the OOR Retiree Concession and to make certain filings with the IRS and the Department of Labor, but failed to do so.
Name (Stock Symbol)
AT&T, Inc. (T)
AT&T provides wireless and wireline telecommunications services globally.
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