Paul Weiss Discusses Supreme Court Decision Limiting Standing to Sue for ERISA Plan Participants

On June 1, 2020, the Supreme Court held in Thole v. U.S. Bank N.A.[1] that participants in a defined-benefit pension plan governed by the Employee Retirement Income Security Act of 1974, commonly known as ERISA, lack Article III standing to sue the plan’s fiduciaries based on losses to the plan that do not result in individual financial injury. The Thole petitioners lacked such an injury because, regardless of the alleged losses to the plan, they remained legally and contractually entitled to receive the same monthly payments in the future. As a result of the decision, participants in defined-benefit plans … Read more