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Month: March 2021

Court of Appeals Hands Victory to Plaintiffs in Lawsuit Alleging Detroit Edison Company Misled Them Into Transferring to Volatile Cash Balance Plan

Court of Appeals Hands Victory to Plaintiffs in Lawsuit Alleging Detroit Edison Company Misled Them Into Transferring to Volatile Cash Balance Plan

On March 23, 2021, the Sixth Circuit Court of Appeals issued a major victory to pension plaintiff Leslie Nolan in her putative class action against The Detroit Edison Company (DTE), ruling that she plausibly alleged in her complaint that DTE misled her and other employees into transferring out of its “traditional” pension plan (TP) and into a new cash balance pension plan (CBP) without disclosing, among other things, that if interest rates fell there was a risk they would earn…

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