Bailey Glasser Receives Preliminary Approval on $59 Million Settlement to End ERISA Suit with Raytheon
We are pleased to announce that Judge Patti B. Saris of the US District Court for the District of Massachusetts has given preliminary approval of a $59.14 million settlement with Raytheon to end a class action lawsuit which centered on participants’ allegations that several Raytheon-sponsored pension plans were providing JSAs and PSAs that were not the actuarial equivalent of a single-life annuity, in violation of the Employee Retirement Income Security Act of 1974. The lawsuit is Cruz v. Raytheon Co., No. 1:19-cv-11425, pending in the US District Court for the District of Massachusetts.
Bailey Glasser attorneys Gregory Porter, Mark Boyko and Alexandra Serber represent the plaintiffs in this case. Co-counsel includes Robert Izard, Mark Kindall, Douglas Needham and Oren Faircloth, of Izard, Kindall & Raabe, LLP.