Alcoa Scores First Win in Athene Pension Risk Transfer Suits (3)

Alcoa USA Corp. defeated a proposed class action by retirees who said their pension benefits were jeopardized when the company moved them to annuities from an overly risky insurance company owned by private equity.

The retirees didn’t explain how they’d been harmed by the company’s decision to offload about $2.79 billion in pension obligations to subsidiaries of non-party Athene Holding Ltd., Judge Loren L. AliKhan of the US District Court for the District of Columbia said in a March 28 decision dismissing the lawsuit. Allegations that Athene is a risky provider that’s more likely to fail aren’t enough to ...