Bloomberg Law
Sept. 11, 2019, 7:25 PM

U.S. Bank Should Face $750 Million Pension Suit, High Court Told

Jacklyn Wille
Jacklyn Wille

U.S. Bank can’t escape liability for causing nearly $750 million in pension plan losses by adding enough cash to the plan to bring it into legal compliance, a participant in the bank’s pension plan told the U.S. Supreme Court Sept. 11.

Pension plan participants have standing to sue the plan’s fiduciaries over mismanagement, regardless of whether the plan is adequately funded, James Thole said in his opening brief. According to Thole, pension plan participants have a “concrete interest in the proper management of all plan assets and suffer real harm when a fiduciary breaches his duties.” They shouldn’t have to ...