Dun & Bradstreet Corp.'s cash balance pension plan does not discriminate against older employees, but a pending lawsuit against the company on allegations that it misled employee contributors was not entirely dismissed, according to documents filed in the U.S. District Court in Newark, N.J. A judge ruled Friday that the lawsuit against the Short Hills, N.J.-based credit report company can proceed on one charge: that the company breached its fiduciary duties under ERISA by misleading plan participants by not fully disclosing details surrounding the cash balance plan conversion in January 1997.
Dun & Bradstreet employee Jack Finley filed suit Sept. 7, 2005, alleging the cash balance conversion breached the company's fiduciary duty and gave younger workers more benefits at retirement age than older workers would receive. Eric Warren, director-investments for Dun & Bradstreet, was not available for comment at press time.
The plan had $1.2 billion in assets as of May 2004, the most recent date for which information is available.
