Verizon Employees Win Class Certification in ERISA Action

On Tuesday, U.S. District Judge Paul G. Gardephe certified a class of participants in Verizon’s 401(k) Plan pursuant to the Employee Retirement Income Security Act (“ERISA”), finding that Plaintiff Melina N. Jacobs has standing by virtue of her indirect investment in the Global Opportunity Fund through the Plan’s Target Date Funds. Verizon challenged her standing, saying she had no direct investment and did not demonstrate a loss. However, the Court disagreed, saying that it was sufficient that she realized “a more modest gain” by virtue of the inclusion of the Global Opportunity Fund in the Plan’s Target Date Funds.