Divided Supreme Court distinguishes between plan types

Description

Abstract: In the recent class action case of Thole v. U.S. Bank N.A., participants sued their employer on grounds of steep investment losses caused by mismanagement of the company’s defined benefit (DB) pension fund. The U.S. Supreme Court ruled against the plaintiffs, however, finding they lacked standing (authority) under ERISA to sue. This article looks at the court’s reasoning. Citation: Thole v. U.S. Bank N.A., 140 S. Ct. 1615 (2020).