Former CNF Workers Sue for Pension Losses

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ore than 500 former employees of transportation conglomerate CNF Inc. and its one-time subsidiary Consolidated Freightways have filed a class-action lawsuit alleging CNF and its actuarial firm caused their pension fund to become underfunded, costing retirees millions in lost benefits.

The suit, filed Aug. 28 in U.S. District Court in San Jose, Calif., alleged that CNF failed to ensure that sufficient assets were transferred to cover pension obligations when it spun off CF in 1996.

The complaint, filed by Lieff, Cabraser, Heimann & Bernstein, also alleged that actuarial firm Towers, Perrin, Forster & Crosby committed professional negligence by certifying that the assets transferred to the CF plan were adequate.

For the full story, see the Sept. 8 edition of Transport Topics. Subscribe today.