US Bank's Win At High Court Likely Will Reduce ERISA Suits
Law360 (June 1, 2020, 10:23 AM EDT) -- The U.S. Supreme Court's Monday decision to invalidate U.S. Bank retirees' pension mismanagement lawsuit because the retirees still received regular pension checks could slam the door on most ERISA suits against fully-funded pension plans.
The 5-4 decision held that retirees don't have standing to sue under the Employee Retirement Income Security Act unless they lost money or face a "substantial risk" of losing money due to "egregious" plan mismanagement, Justice Brett Kavanaugh wrote in the majority opinion, which upheld the Eighth Circuit.
The high court's liberal wing dissented, arguing that the majority's opinion flouted "common sense and longstanding precedent" that established...
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