Two courts. Two opposite rulings. One critical question: Do plaintiffs have standing to challenge pension risk transfers under ERISA?
In the first two decisions to address Article III standing in this rising wave of class actions, federal courts in Maryland and D.C. have landed on opposing sides. One case will head to discovery; the other was dismissed outright. At stake is whether moving pension obligations from plans to insurers — a common de-risking strategy — gives rise to real legal injury.
The outcomes hint at what could become a growing divide in how courts assess harm, risk, and fiduciary duties in the pension risk transfer space. And with many more motions pending, these early rulings set the tone for what’s to come.
Click here to read our Legal Update and dive into the details of these pivotal cases and what they mean for plan sponsors, fiduciaries, and the future of de-risking litigation.