AT&T Draws Allies in Bid for SCOTUS Review of 401(k) Suit Revival

AT&T Services Inc.'s bid to have the US Supreme Court review ERISA’s prohibited transaction rules has drawn support from a handful of industry groups, which said the dispute implicates the efficient operation of every retirement plan in the country.

The justices’ prompt intervention is needed to prevent plaintiffs’ attorneys from expanding the ongoing flood of litigation over retirement plan management to include new legal theories authorized by the Ninth Circuit’s 2023 decision reviving claims against AT&T, according to an amicus brief filed by the ERISA Industry Committee, the American Benefits Council, and other groups on Thursday.

Without the justices’ intervention, ...