Bloomberg Law
Nov. 13, 2019, 7:22 PM

US Bank Pension Challenge Only Benefits Lawyers, SCOTUS Told

Jacklyn Wille
Jacklyn Wille

U.S. Bank N.A. asked the nation’s top court to reject a lawsuit challenging the bank’s pension plan management, saying the only people who stand to benefit from the lawsuit are the plan participants’ attorneys, who’ve requested $31 million in fees.

“This case’s outcome does not matter to Plaintiffs,” the bank said in its Nov. 12 brief to the U.S. Supreme Court. “Win or lose, Plaintiffs will receive the exact same pension payments for the rest of their lives.”

The lawsuit accuses U.S. Bank of mismanaging its pension plan by over-investing in high-risk equities and funds offered by a bank subsidiary, ...