Chamber Asks Justices to Hear Penn Retirement Plan Lawsuit

The U.S. Chamber of Commerce is backing the University of Pennsylvania’s attempt to get U.S. Supreme Court review of a lawsuit challenging the fees and investment options in the school’s retirement plan.

The Chamber’s Jan. 17 brief asks the justices to confirm that the pleading standard they established in Bell Atlantic Corp. v. Twombly—a 2007 antitrust case—also applies in lawsuits alleging fiduciary breach under the Employee Retirement Income Security Act. The U.S. Court of Appeals for the Third Circuit’s decision declining to apply Twombly to this ERISA lawsuit conflicts with Supreme Court precedent and “every other circuit to consider ...