Putnam Investments LLC asked the U.S. Supreme Court to review a decision reviving a class action targeting the financial company’s 401(k) plan.

The case would give the justices an opportunity to resolve a circuit split under the Employee Retirement Income Security Act, Putnam said in its Jan. 11 petition for review. Specifically, the case asks which litigants—the fiduciaries of ERISA-governed benefit plans or the people covered by those plans—have the burden of proving that alleged fiduciary misconduct caused plan losses.

In reviving a challenge to the affiliated mutual funds in Putnam’s 401(k) plan, the First Circuit placed this burden on...