Lockheed Martin Corporation office in Crystal City, Virginia, USA
Since 2024, Lockheed Martin, Alcoa and a lot of other firms have been sued by employees in class action lawsuits over the pension risk transfer deals made with insurance company Athene Annuity and Life, alleging the firms "breached their fiduciary duty," says law firm Schlichter Bogard, which represents both firms.
Last week, however, federal district courts have just issued contrasting opinions on these similar lawsuits. Last week, Lockheed Martin’s motion to dismiss was denied by the U.S. District Court for the District of Maryland, while Alcoa’s lawsuit against Athene was dismissed by the U.S. District Court for the District of Columbia.
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Lynn Cavanaugh
Lynn Varacalli Cavanaugh is Senior Editor, Retirement at BenefitsPRO. Prior, she was editor-in-chief of the What's New in Benefits & Compensation newsletter. She has worked for major firms in the employee benefits space, Vanguard and Willis Towers Watson, as well as top media companies, including Condé Nast and American Media.
