• Verizon Allowed to Correct $1.6 Billion "Scrivener's Error"
  • December 18, 2009
  • Law Firm: Kaye Scholer LLP - New York Office
  • Fortunately, correcting one usually takes no more than the stroke of a pen. However, as illustrated by Young v. Verizon’s Bell Atlantic Cash Balance Plan, 2009 U.S. Dist. Lexis 102349 (N.D. Ill. 2009), correcting a so-called “scrivener’s error” in a qualified retirement plan can be far more difficult and potentially costly. Verizon faced more than $1.6 billion in additional contributions if the court had not permitted correction of a drafting error.