pension

Plaintiffs named in suit over Facebook's troubled IPO

A U.S. judge has named the lead plaintiffs in the dozens of class-action lawsuits brought against Facebook over its bungled initial public offering, according to Reuters.

District Judge Robert Sweet has been assigned 42 cases against the social network, which he consolidated in October. Today he picked a handful of plaintiffs to head the suits. The lead plaintiffs include several state pension funds, such as the North Carolina Retirement Systems, Arkansas Teacher Retirement System, the Fresno County Employees' Retirement Association, and Banyan Capital Master Fund. Collectively, this group claims a combined loss of $7.1 million.

"Its members … Read more

AT&T, Verizon face pension concerns, analyst says

AT&T and Verizon Communications face billions of dollars in unfunded pension liabilities, which could significantly weigh on their bottom lines, according to one Wall Street analyst.

If the market closed today, AT&T could be on the hook for $41.6 billion in unfunded pension liabilities, while Verizon could see $31.6 billion in liabilities, Sanford C. Bernstein analyst Craig Moffett said in a research note issued today. Moffett downgraded AT&T's stock rating and maintained his already low rating on Verizon.

The pension liabilities could be costly to the companies and shareholders. Moffett estimates … Read more

Motorola cuts compensation and benefits package

As the recession takes its toll, Motorola announced Wednesday that it is cutting compensation and benefits packages for its employees, including top executives.

Co-CEO Greg Brown will forgo a 2008 cash bonus earned under his incentive plan, while co-CEO Sanjay Jha will forfeit his cash bonus at a similar level as Brown's and take the remainder of his cash bonus in restricted stock.

Beginning in the new year, Motorola plans to suspend its matching 401(k) contributions, leaving employees to be the sole contributors to their 401(k) plans.

And a number of Motorola employees will face a salary … Read more