Foot Locker Owes Retirees over $100 Million

Posted on: July 10th, 2017 by Steve Larson

The Second Circuit affirmed a district court ruling finding that Foot Locker owes an estimated $100 million-plus in benefits to a class of about 16,000 workers whose retirement benefits it cut. The class action suit filed against Foot Locker in 2007 alleged that the company hid that a 1996 shift to a cash balance benefit plan temporarily froze benefits for a swath of employees despite their continuing to pay in, which is known as wear-away.

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