5th Circuit Rules Against 401(k) Participants, Finding Lack Of Standing

Mealey's (July 21, 2021, 11:48 AM EDT) -- NEW ORLEANS — Pension plan participants lack standing to bring claims against American Airlines Inc. and related entities for breach of the fiduciary duties of prudence and loyalty, a Fifth Circuit U.S. Court of Appeals panel ruled July 19, also affirming that a district court did not abuse its discretion in denying preliminary approval of a class settlement in the Employee Retirement Income Security Act case....