Teamsters Pension Trustees Beat Appeal Over Investment Risks

New York Teamsters pension fund trustees and advisers defeated an appeal by a proposed class of retirees who say the fund wrongly invested too much money in private equity and other risky assets.

The retirees didn’t show a breach of fiduciary duty by the plan’s trustees and financial adviser in connection with the disputed investments, the US Court of Appeals for the Second Circuit said Friday in an unpublished opinion.

The defendants were allegedly aware of the risks and drawbacks associated with these investments, but there’s no indication they did anything other than “engage in the normal practice of ...