AT&T filed a motion last week to dismiss two lawsuits alleging the company, as well as State Street Global Advisors Trust Co., selected a "risky" insurer, Athene Annuity and Life Company, to conduct its $8.05 billion pension risk transfer in May 2023, offloading the pensions of 96,000 of its plan participants.

The lawsuits, filed by retirees, claim Athene was an unsafe choice under Employee Retirement Income Security Act fiduciary standards and placed its retirees in danger. AT&T contends it did not make the fiduciary decision, which was handled by SSGA, and argues the plaintiffs have not demonstrated any actual harm or imminent threat that can be challenged in court. AT&T was not acting as a fiduciary under the statute in connection with the transaction, they said in court filings, however, the deal secured AT&T more than $9.6 million annually, according to the complaint.