Weyerhaeuser Beats Suit Over $1.5 Billion Pension Risk Transfer

Weyerhaeuser Co. and other entities affiliated with its pension benefit plan defeated a suit alleging they violated federal law by breaching their fiduciary duties.

Former Weyerhaeuser employees failed to adequately allege the timber company breached its fiduciary duties under the Employee Retirement Income Security Act when it transferred pension obligations worth $1.5 billion for approximately 28,500 retirees to Athene Annuity and Life Co. in January 2019, Judge Kymberly K. Evanson said Tuesday. The US District Court for the Western District of Washington granted Weyerhaeuser’s motion to dismiss the lawsuit without prejudice, while granting the plaintiffs a chance to file a ...