The federal government told the U.S. Supreme Court to take a case asking whether participants in U.S. Bank’s well-funded pension plan have standing to sue over alleged plan mismanagement.

The case presents an important frequent question that most lower courts have gotten wrong, the U.S. Solicitor General Noel Francisco said in a May 21 brief.

The Supreme Court should take the case and rule that pension plan participants have standing to bring fiduciary breach claims under the Employee Retirement Income Security Act even if their plans are well-funded and there is no immediate risk of losing benefits, the government said....