Law360 covered the January 13 U.S. Supreme Court hearing Thole v. U.S. Bank N.A., where Joe Palmore argued for the bank in an ERISA suit over a $750 million pension plan loss.
Joe argued that in order to sue U.S. Bank, retirees should have to show both that their employer’s fiduciary misconduct endangered their pension checks and that the company seems “unable or unwilling” to fix the plan underfunding, adding that even though the company’s plan management tactics caused the plan to lose roughly $750 million between 2007 and 2010, the risk to retirees’ benefits was minimal.
“There is no risk that the plan is not going to be able to make the stream of payments to them,” Joe said, referring to the two plaintiffs in the case.
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