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Split Court Rulings Invite Pension Risk Transfer Claims Lacking Any Evidence of Wrongdoing or Harm
Encore Fiduciary
[Opinion] June 16, 2025 "[A] federal court in Maryland ... [allowed] a group of class-action plaintiffs to continue their lawsuit challenging Lockheed Martin's decision to use Athene as the insurer for a pension risk transfer (PRT).... [K]ey takeaways: ... [1] Plaintiffs can unfairly advance their fiduciary claims -- even PRT claims -- without alleging any flaws or mistakes in the decision-making process undertaken by plan fiduciaries.... [2] PRT claims might well be won or lost on the issue of standing.... [3] Plaintiffs are already experimenting with unfounded and aggressive allegations to overcome their standing problem." [Konya v. Lockheed Martin Corp., No. 24-0750 (D. Md. Mar. 28, 2025); Camire v. Alcoa U.S.A. Corp., No. 24-1062 (D.D.C. Mar. 28, 2025)] MORE >> |
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