A U.S. district judge in Washington tossed a pension risk transfer complaint against Weyerhaeuser Co. and State Street Global Advisors, but found the plaintiffs had standing, meaning they could amend and refile their complaint.
U.S. District Judge Kymberly Evanson, presiding in U.S. District Court for the Western District of Washington, called Maneman v. Weyerhaeuser Co. a “close one,” finding that the plaintiffs established standing by alleging a concrete injury: that the selection of Athene Annuity & Life Assurance Co. as annuity provider could result in a less safe, less valuable annuity.
However, Evanson dismissed the case on substantive grounds, noting that nearly all allegations about Athene’s financial condition arose after the relevant transaction and thus did not show that the defendants breached their fiduciary duties when choosing Athene for the 2019 transaction.
The decision represents a win for the defendants, who are accused of improperly transferring $1.5 billion in pension liabilities by purchasing annuity contracts from Athene. However, the victory comes with a caveat: Since the plaintiffs established standing, they may file an amended complaint, which could allow the case to proceed and could impact other pension risk transfer disputes.
In a separate PRT complaint concerning Lockheed Martin, the Department of Labor filed an amicus brief in January stating that the plaintiffs lacked standing to sue and that the litigation has harmed defined benefit plans.
According to Encore Fiduciary, 12 pension risk transfer disputes were filed in 2024, but only one was filed in 2025. None have been filed in 2026.
Currently, five PRT complaints have been dismissed by courts—two for lack of standing, two for insufficient allegations of violations of the Employee Retirement Income Security Act, and one for both lacking standing and substantive grounds—with the potential for some to restart through amended complaints or appeals, according to a Davis & Harman pension risk transfer litigation tracker. One additional case has a magistrate’s recommendation for dismissal pending court action. Meanwhile, two suits survived motions to dismiss—both of which are under appeal—and two others remain pending without a ruling.
In the complaint against Weyerhaeuser, the plaintiffs are represented by Schlichter Bogard LLC. The defendants are represented by Proskauer Rose LLP and Perkins Coie.
Tags: ERISA, Pension Risk Transfer