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Credit Lyonnais sues Watson Wyatt over pensions

UK – Watson Wyatt says it has received a claim from Credit Lyonnais alleging it was negligent in undertaking valuation work for the French bank’s UK pension scheme.

"I can confirm that a claim has been brought against Watson Wyatt by companies within the Credit Lyonnais Group as the employers under the Credit Lyonnais Group UK Pension Scheme and by the trustee of that scheme,” a spokesman for the consultant said.

“We are confident that the work we undertook was entirely appropriate and we are vigorously contesting the ongoing claim."

He added the French bank contend that Watson Wyatt “overstated the funding position of the Credit Lyonnais scheme and that they therefore granted more generous benefits to their employees than they would otherwise have done”.

"We consider that the losses claimed are in fact the consequence of management decisions taken by Credit Lyonnais on their own initiative without reference to or without having sought appropriate advice from Watson Wyatt,” he said.

“Watson Wyatt is confident based on the independent advice that it has received that the Court will decide that Watson Wyatt's work was appropriate and also that the Court will reject the misconceived nature of the claim generally."

The case is listed for trial on April 25.

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