US law firm to investigate Dow Chemical over alleged pension changes
US class-action law firm Hagens Berman says it will investigate potential claims against Dow Chemical after the company allegedly made substantive changes to its employee pension plan, actions which may violate US federal law.
A recent US Supreme Court ruling calls into question Dow’s actions in converting its pension plan to a cash-balance plan, which falls under the Employee Retirement Income Security Act (ERISA), a law that regulates private sector pension plans in the US, the firm said.
Hagens Berman is investigating whether Dow fully disclosed the possible disadvantages of the new plan to its employees.
Hagens Berman said it would attempt to speak with employees or former employees of Dow who felt that the company did not fully disclose the risks associated with the transition to a cash balance plan.
Dow did not immediately respond to a request for comment.
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