The plaintiffs in a lawsuit against the Weyerhaeuser Co. pension fund were dealt a setback when the U.S District Court for Western Washington ruled that the participants had no standing to sue for monetary damages.
Judge Robert Lanik ruled that the participants in the defined benefits plan who filed the suit have standing to collect equitable relief, but not to collect damages. The suit, filed in 2011, alleged that fund managers breached their fiduciary duty by investing in alternative financial vehicles, including hedge funds.
Lanik found the plaintiffs could not show that the alleged misconduct caused them to suffer individual loss.
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