October 12, 2017 / 11:54 PM / 9 months ago

U.S. Bank retirees cannot sue for alleged mismanagement of overfunded pension plan

Retired U.S. Bank employees cannot bring a proposed class action for alleged mismanagement of their previously underfunded pension plan because it later became overfunded, a federal appeals court ruled on Thursday.

In a 2-1 decision, a panel of the 8th U.S. Circuit Court of Appeals held that the retirees cannot sue because the pension plan’s financial health means they did not suffer an injury, which is required to bring a lawsuit under the Employee Retirement Income Security Act.

To read the full story on Westlaw Practitioner Insights, click here: bit.ly/2xCh8k7

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