Justices to Weigh ERISA Suits Targeting Well-Funded Pensions

The U.S. Supreme Court is gearing up to hear oral arguments Jan. 13 in a case accusing U.S. Bank NA of causing $750 million in pension plan losses. The parties disagree about nearly everything, including the stakes of the case.

A ruling in favor of the bank would mean that pension plan participants can “virtually never” sue to rectify plan mismanagement, even if plan fiduciaries “bet $750 million on black,” plaintiff James Thole told the court in December.

But a victory for Thole would benefit no one but his lawyers, who have requested $31 million in fees, U.S. Bank said ...