SCOTUS Restricts Rights of Defined Benefit Retirement Plan Participants Under ERISA
On June 1, 2020 and in a 5-4 decision, the U.S. Supreme Court held that participants in a defined-benefit retirement plan lacked Article III standing to bring a lawsuit against the plan’s fiduciaries under the Employee Retirement Income Security Act of 1974 (“ERISA”). Thole v. U.S. Bank, N.A., No. 17-1712. Plaintiffs James Thole and Sherry Smith are retired participants of U.S. Bank’s defined-benefit retirement plan. Under the terms of the plan, plaintiffs are guaranteed a fixed payment each month regardless of the plan’s value or the fiduciaries’ investment decisions with respect to the plan. Plaintiffs have […]