Teamsters Pension Investment Risk Suit Denied High Court Review

Retirees challenging the inclusion of allegedly risky investments in their New York Teamsters pension fund failed to secure US Supreme Court review of their lawsuit, the justices announced Tuesday.

The lawsuit claims the American Federation of New York State Teamsters Conference Pension and Retirement Fund lost money by sinking assets ininvestments, including expensive and illiquid private equity vehicles, that fared poorly during the Covid-19 market downturn. The US Court of Appeals for the Second Circuit last year rejected the retirees’ claims of fiduciary breach under the Employee Retirement Income Security Act, concluding that pension trustees appropriately weighed risks and tradeoffs ...