CITGO Pension Plan Litigation
Urlaub, et al. v. Citgo Petroleum Corporation, et al. (N.D. Ill.): Cohen Milstein represented a certified class of participants and beneficiaries of the CITGO Petroleum Corporation Salaried and Hourly Employees Pension Plans, who alleged CITGO violated ERISA by applying outdated mortality tables to the CITGO Plans to determine the value of joint and survivor annuities, resulting in married retirees receiving less than the actuarial equivalent of the benefit that ERISA protects. On January 27, 2025, the court granted final approval of a $14.75 million settlement, reflecting a significant recovery for impacted retirees – 87% of losses for retirees who retired within 6 years of the lawsuit and 20% of losses for retirees who retired from 1995 to 2015.
