Bloomberg Law
March 20, 2023, 5:23 PM

African Methodist Clergy Advance Claims of Steep Pension Losses

Jacklyn Wille
Jacklyn Wille
Legal Reporter

A lawsuit claiming the African Methodist Episcopal Church retirement plan lost more than $90 million through mismanagement and malfeasance is moving forward after a federal judge issued a lengthy ruling resolving multiple motions to dismiss.

The plaintiffs—church ministers and employees—are moving forward with state law negligence and fiduciary breach claims against the plan’s third-party administrator, Newport Group Inc., and Symetra Life Insurance Co., which managed certain of the plan’s annuity funds. They were also granted permission to pursue claims against the church’s council of bishops and its board of elected church members, according to a March 17 ruling by Judge ...

Learn more about Bloomberg Law or Log In to keep reading:

Learn About Bloomberg Law

AI-powered legal analytics, workflow tools and premium legal & business news.

Already a subscriber?

Log in to keep reading or access research tools.