A Wall Street trade group whose members include Goldman Sachs and JPMorgan asked the U.S. Supreme Court to undo a decision making it harder for companies to use arbitration agreements to avoid retirement plan class actions.

The Securities Industry and Financial Markets Association objects to a recent decision blocking the University of Southern California from sending a proposed class action over its retirement plan to arbitration. If allowed to stand, this decision by the U.S. Court of Appeals for the Ninth Circuit could prevent employers and workers from ever agreeing to arbitrate fiduciary breach claims under the Employee Retirement Income...