Bristol-Myers Retirees’ Pension De-Risking Suit Moves Ahead (1)

Former Bristol-Myers Squibb Co. employees advanced the bulk of their lawsuit accusing the pharmaceutical company of jeopardizing their retirement benefits by offloading more than $2 billion in pension liabilities to a controversial annuity provider.

The retirees have standing to challenge the 2019 transaction because they properly alleged a “substantial risk” that the annuity provider will default and leave them unable to receive their promised benefits, Judge Margaret M. Garnett said.

Garnett’s ruling, issued Monday for the US District Court for the Southern District of New York, marks the latest decision in the recent series of cases against large employers ...