U.S. Bank Wins Appeal Over Alleged Pension Plan Mismanagement

U.S. Bank N.A. defeated an appeal by pension plan participants who sought to revive a proposed class action challenging the plan’s allegedly risky investments, which the participants say caused a $1.1 billion drop in assets in 2008 (Thole v. U.S. Bank, N.A., 2017 BL 365295, 2017 BL 365295, 8th Cir., No. 16-1928, affirming district court decision 10/12/17).

Because the plan subsequently became overfunded, mainly after U.S. Bank contributed nearly $311 million, the participants lacked standing to sue under the Employee Retirement Income Security Act, the U.S. Court of Appeals for the Eighth Circuit held Oct. 12.

The decision ...