WASHINGTON, June 28 (Reuters) - The U.S. Supreme Court on Friday agreed to consider reviving a class action lawsuit against U.S. Bancorp that accused it of mismanaging an employee pension plan in a manner that violated the Employee Retirement Income Security Act (ERISA).
The justices took up an appeal by the bank’s pension plan beneficiaries of a lower court ruling that threw out the lawsuit because the plan’s participants had not suffered any personal financial harm and lacked the necessary legal standing to sue. The plaintiffs said the plan’s administrators pursued an investment strategy that, beginning with the 2008 financial crisis, led to nearly $750 million in losses. (Reporting by Andrew Chung; Editing by Will Dunham)
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