Weyerhaeuser Sued Over $1.5 Billion Pension Plan Risk Transfer

Weyerhaeuser Co. and other entities affiliated with its pension benefit plan are being sued in a class action in federal court for transferring $1.5 billion in plan assets to an annuity company.

Transferring the money to Athene Annuity and Life Co. allegedly breached the fiduciary duty the defendants owed to the 28,500 plan members, whose retirement accounts are no longer protected by the Employee Retirement Income Security Act and the Pension Benefit Guaranty Corp., the complaint filed Thursday in the US District Court for the Western District of Washington says.

Athene—a unit of private equity giant Apollo Global Management Inc. ...