latest news releases from the newsroom
Keller Rohrback L.L.P.
Keller Rohrback L.L.P., Kirby McInerney & Squire, L.L.P, and Schiffrin & Barroway, LLP Announce Ruling in JPMorgan Chase Cash Balance Plan Litigation
NEW YORK, Dec. 1, 2006 (PRIME NEWSWIRE) -- Class Counsel who have filed a class action complaint against the pension plan maintained by JPMorgan Chase & Co. (NYSE:JPM) on behalf of all participants in the JP Morgan Chase Retirement Plan, In re J.P. Morgan Chase Cash Balance Litigation, today announce that the Honorable Judge Harold Baer, Jr. has denied JP Morgan's motion to dismiss the case. In an opinion dated October 30, 2006, United States District Court Judge Baer of the Southern District of New York upheld the Plaintiffs' claim that the JPMorgan Chase "cash balance" formula pension plan discriminates based on age, in violation of the Employee Retirement Income Security Act ("ERISA"), allowing plaintiffs' claim to proceed. Judge Baer ruled that under a cash balance plan, "the age discrimination arises because . . . older workers accrue their retirement benefits at a slower rate than similarly situated younger workers." The Court also upheld Plaintiffs' claims that the JP Morgan Chase Retirement Plan failed to provide participants with adequate notice when implementing the cash balance formulas for the Plan and its predecessors.
Global Income Fund
Global Income Fund Declares Quarterly Dividend
NEW YORK, Dec. 1, 2006 (PRIME NEWSWIRE) -- A quarterly dividend distribution of $.07 per share for the quarter ending December 31, 2006 was declared today by Global Income Fund, Inc. (AMEX:GIF), payable December 29, 2006 to shareholders of record December 18, 2006.