US Bank Gets Business Industry Support in SCOTUS Pension Row (1)
Nov. 19, 2019, 5:24 PM; Updated: Nov. 20, 2019, 4:50 PM
U.S. Bank N.A. received support from the business community in its bid to have the U.S. Supreme Court rule that a lawsuit over the bank’s pension plan fails for lack of standing.
The bank received supporting briefs from the New England Legal Foundation and the Washington Legal Foundation, two free enterprise-focused law firms, and a trio of employer-side groups, including the Chamber of Commerce and the ERISA Industry Committee. The briefs were filed Nov. 18 and 19.
The briefs argue that the nature of defined benefit pension plans—in which participants are promised a fixed benefit and the plan...