For a specific subclass, those who began receiving benefits within six years of the lawsuit’s filing, the increase in benefits represents more than 87% of what plaintiffs originally sought, based on expert calculations. According to the retirees’ memorandum, the recoveries per class member exceeded those seen in similar ERISA actuarial equivalence cases.
Citgo Mortality Table Suit : Lawsuit History
The Citgo Mortality Table Suit was first filed in August 2021. The plaintiffs achieved class certification in May 2023, following the court’s denial of Citgo’s motion for summary judgment. This ruling paved the way for the current settlement agreement.
The plaintiffs are represented by a coalition of attorneys from Cohen Milstein Sellers & Toll PLLC, Stris & Maher LLP, Feinberg Jackson Worthman & Wasow LLP, and the University of San Diego Law School. Citgo’s legal team includes lawyers from Jones Day.
Requests for comment from both Citgo representatives and attorneys for the proposed class have not yet been answered.
Conclusion
The settlement in the Citgo Mortality Table Suit is poised to bring significant financial relief to Citgo retirees who were shorted on their early retirement payouts. By resolving the claims related to outdated mortality tables, Citgo has agreed to rectify pension benefits for over two decades’ worth of retirees.
