Welcome
Benefits & Executive Compensation News

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

Oct. 12, 2017, 5:06 PM

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...

To read the full article log in. To learn more about a subscription click here.