Solicitor General Asks Justices To Hear US Bank ERISA Suit

Law360 (May 21, 2019, 9:45 PM EDT) -- The solicitor general urged the U.S. Supreme Court on Tuesday to consider the Eighth Circuit’s finding that U.S. Bank pension plan participants can’t allege fiduciary breaches under the Employee Retirement Income Security Act once a plan becomes overfunded, arguing that plans fluctuate and participants can sue even if they haven’t lost money.

In a 30-page amicus brief, the solicitor general argued two U.S. Bank pension plan participants have standing to sue under ERISA over breaches of fiduciary duty, even if they haven’t been financially injured, and the Eighth Circuit’s ruling that found otherwise is at odds with multiple other circuits....

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