DOL Continues Uphill Battle on Pension Plan Standing

Oct. 20, 2016, 3:25 PM

The Labor Department, despite several setbacks, is still trying to convince federal courts to make it easier for pension plan participants to sue over plan mismanagement and investment losses (Thole v. U.S. Bank, N.A., 8th Cir., No. 16-1928, amicus brief filed 10/19/16).

The department filed a brief Oct. 19 in support of U.S. Bank workers who accused the company of losing $748 million in pension assets by adopting an all-equity investment strategy that was overly risky and insufficiently diversified. In 2015, a district judge dismissed the lawsuit as moot after finding that the bank’s subsequent ...

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