NEW YORK AND WASHINGTON (Friday, October 19, 2012) – Sutherland Asbill & Brennan LLP advised Verizon Communications Inc. on the insurance aspects of its $7.5 billion transfer in pension obligations to The Prudential Insurance Company of America.
The landmark transaction, announced October 17, involved the Verizon Management Pension Plan and covers approximately 41,000 management retirees. Prudential will issue a group annuity contract to Verizon under which Verizon will pay Prudential a premium to assume responsibility for making pension payments currently being made to retired management employees. The transaction is notably the second largest pension buyout in United States history.
The Sutherland team advising Verizon includes members of the firm’s Insurance, Tax and Employee Benefits practice groups and was led by Partners Cynthia R. Shoss and P. Bruce Wright. Additional attorneys contributing to the team included: Partners Ellen M. Dunn and Carol A. Weiser; Of Counsel Steve Herbert; Counsel Ronald R. Massumi; and Associate Joshua P. Borden.
Sutherland has one of the foremost insurance practices in the country, bringing together complementary disciplines—including insurance transactional, finance, products and regulatory; corporate finance and securities; tax; and litigation—to provide clients in all sectors of the industry with comprehensive support and advice to meet their business goals.
SUTHERLAND ASBILL & BRENNAN LLP
Sutherland Asbill & Brennan LLP is a law firm with global reach known for solving challenging business problems and resolving sophisticated legal issues for many of the world’s largest companies. Founded in 1924, the firm handles matters throughout the United States and worldwide. Seven major practice areas—corporate, energy and environmental, financial services, intellectual property, litigation, real estate, and tax—provide the framework for an extensive range of focus areas, allowing Sutherland attorneys to serve a diverse client base that ranges from small and medium-sized start-up businesses to a significant number of Fortune 100 companies.