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Pension Plans Risk New Costs if Common Law Fills Retirement Gaps

Jan. 30, 2020, 10:03 AM

A dispute over how U.S. Bank N.A. handled its pension plan raises new questions about how much courts should look at trust law when deciding who can sue over alleged mismanagement of retirement funds.

The U.S. Supreme Court will soon decide whether a plan participant can bring a lawsuit under the Employee Retirement Income Security Act if participants aren’t at risk of losing any of the money they’ve been promised because the plan is well funded. The justices were asked to look to the common law of trusts for the answer, which “regularly allowed just such relief even without individual ...

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