Panel Says Pension Plan Participants Lacked Standing Once Plan Was Overfunded

Mealey's (October 13, 2017, 10:22 AM EDT) -- ST. LOUIS — The Eighth Circuit U.S. Court of Appeals on Oct. 12 determined that a Minnesota federal judge properly dismissed a putative class action filed by pension plan participants alleging violations of the Employee Retirement Income Security Act because once the plan was overfunded, the plaintiffs no longer fell within the class of plaintiffs authorized to bring suit under ERISA (James J. Thole, et al. v. U.S. Bank, et al., No. 16-1928, 8th Cir., 2017 U.S. App. LEXIS 19907)....