Melvin A. Nelson Wayne F. Schnepple v. Eg & G Energy Measurements Group, Inc.

This is a class action brought on behalf of 44 employees (“plaintiffs”) of EG & G Energy Measurements Group, Inc. (“EG & G”), who took an early retirement option offered by EG & G. The plaintiffs were participants in a savings plan established by EG & G for its employees and filed this action in state court for damages pursuant to section 501(a)(1)(B) of the Employee Retirement Income Security Act (“ERISA”), 29 U.S.C. § 1132 (a)(1)(B). EG & G removed the case to federal court. The major issue in the case is the correct valuation date for the individual accounts of the plaintiffs upon the termination of their employment. The plaintiffs contend that the correct date was September 30, 1987, prior to the stock market crash on October 19,1987, whereas EG & G maintains it was October 30,1987, after the crash. The district court granted summary judgment for the plaintiffs, which EG & G appeals. EG & G also contests the calculation of pre-judgment interest and the award of attorneys’ fees. We affirm the judgment of the district court.

Jurisdiction in the district court was based on 29 U.S.C. § 1132 (e)(1). Jurisdiction on appeal is based on 29 U.S.C. § 1291 .

I.

EG & G is a federal…