The business community is backing Putnam Investments LLC’s bid to have the U.S. Supreme Court undo a decision favoring investors in the company’s 401(k) plan.

The justices Feb. 15 received three amicus briefs from groups including the Investment Company Institute, the American Council of Life Insurers, and the U.S. Chamber of Commerce. The briefs urge the justices to hear a lawsuit challenging the affiliated investment products in Putnam’s 401(k) plan.

Each brief disputes how the U.S. Court of Appeals for the First Circuit revived the Putnam employees’ lawsuit. That court placed the burden on Putnam to show...