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Supreme Court Snuffs Class Action Over US Bank Pension Losses

Courthouse News

01 Jun 2020

Joe Palmore was mentioned in a Courthouse News Service article related to The U.S. Supreme Court’s recent decision to invalidate a suit claiming that managers of U.S. Bank’s retirement plan made investment decisions that broke federal law.  

Led by James Thole and Sherry Smith, two retired U.S. Bank employees claimed in a federal class action that managers of the bank’s retirement plan’s exposed their funds to unnecessary risk by investing entirely in equities.

However, the Supreme Court ruled 5-4 that Thole and Smith do not have a “concrete stake in the lawsuit” because the outcome of their case would not change the amount of benefits.

Read the full article

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