Pension Board Seeks 9th Cir. Redo in Allianz Fund Collapse Suit

A pension fund board that previously sued Allianz Global Investors US LLC over the collapse of its Structured Alpha funds asked the Ninth Circuit to reconsider reviving litigation by plan participants who say they were harmed by the ordeal.

The July decision allowing retirees to press ERISA claims against the pension board creates a lose-lose scenario in which retirement plan fiduciaries can face litigation based solely on the “supposed risks” of any given investment, trustees for the Carpenters of Western Washington said Thursday in a petition for rehearing. This is “antithetical” to the flexibility afforded to plan fiduciaries under ...