With plaintiffs targeting employee benefit plans at an accelerating speed, Paul, Weiss has built an exceptional practice defending plan sponsors, fiduciaries and service providers in the technically demanding, high-stakes arena of ERISA, pension- and employee benefits-related class actions and related litigation. We are also among the preeminent firms nationally in handling the securities litigation that frequently accompanies ERISA disputes.
Paul, Weiss Achieves Historical Settlement in Actuarial Malpractice Suit
- Client News
- June 14, 2010
Practices
Paul, Weiss client the Alaska Retirement Management (ARM) Board settled its $2.8 billion lawsuit against Mercer Inc., an investment services and consulting group of Marsh & McLennan Cos., for $500 million. The settlement is the largest such settlement in history for this kind of claim.
The ARM Board alleged that Mercer made fundamental errors in methodology and in basic calculations, thus committing actuarial malpractice and breaching its professional duties and contractual obligations. Because of its errors, the complaint alleged, Mercer miscalculated the contributions needed to fund Alaska's two largest pension plans, the Public Employees Retirement System and the Teachers Retirement System.
The Paul, Weiss team representing the ARM Board included, among others, litigation partners Lew Clayton and Mike Gertzman and counsel Daniel Levi.