Lumen Pension Annuity Transfer Lawsuit Will Stay in Colorado

A Colorado federal judge rejected Lumen Technologies Inc.‘s attempt to send to Louisiana litigation over its decision to remove retirees from its pension plan by purchasing annuities from an insurance company criticized as overly risky.

The proposed class action is part of a recent series of cases against large employers that have attempted to de-risk their pension plans by purchasing annuities from units of Athene Holding Ltd., an Apollo Global Management subsidiary that’s not named as a defendant in any of the cases. The lawsuits—which have spurred conflicting early rulings favoring both Alcoa USA Corp. and retirees suing ...