Lockheed Martin Must Face Suit Over Pension Risk Transfers (1)

Lockheed Martin Corp. retirees advanced their proposed class action saying the aerospace and defense company jeopardized their retirement benefits by offloading their pensions to an overly risky annuity provider.

Judge Brendan A. Hurson of the US District Court for the District of Maryland declined to dismiss the case for lack of standing, saying the retirees adequately demonstrated that Lockheed’s decision to transfer more than $9 billion in pension obligations to subsidiaries of non-party Athene Holding Ltd. created a “substantially increased risk” that they’d suffer harm. His order, docketed Monday, follows a March 28 decision in which a different federal ...