US Bank Ruling Turns Plans Into 'Piggy Banks,' Justices Told

Law360 (September 12, 2019, 12:09 PM EDT) -- Two U.S. Bank retirees have urged the U.S. Supreme Court to overturn an Eighth Circuit decision holding that workers can’t sue fully funded pension plans for fiduciary breaches, saying the ruling would let fiduciaries treat plan assets as their “personal piggy bank.”

In their Wednesday brief, the retirees said the Eighth Circuit wrongly concluded that they couldn’t sue U.S. Bank for allegedly losing their pension plan three-quarters of a billion dollars through fiduciary breaches after the company contributed enough for the plan to meet the Employee Retirement Income Security Act’s minimum funding requirements.

U.S. Bank wrongly contended that unless plan participants...

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