Thole v. U.S. Bank, N.A.

U.S. Supreme Court

Question(s) Presented

1. May an ERISA plan participant or beneficiary seek injunctive relief against fiduciary misconduct under 29 U.S.C. 1132(a)(3) without demonstrating individual financial loss or the imminent risk thereof?

2. May an ERISA plan participant or beneficiary seek restoration of plan losses caused by fiduciary breach under 29 U.S.C. 1132(a)(2) without demonstrating individual financial loss or the imminent risk thereof?

Tab Group

Merits Stage

Outcome

June 1, 2020

The U.S. Supreme Court held that a participant in a defined-benefit ERISA plan who has received all vested benefits—and who has not shown a “substantially increased risk that the plan and employer would both fail”—lacks standing to sue for breach of fiduciary duty under ERISA. The U.S. Chamber filed an amicus brief supporting this outcome.

U.S. Chamber urges Supreme Court to dismiss ERISA litigation brought by uninjured plaintiffs

November 19, 2019

The coalition amicus brief urges the Supreme Court to hold that a participant in a defined benefit retirement plan does not suffer a cognizable injury for breach of fiduciary duty under Article III unless the alleged breach materially increases the risk that the participant will not receive his or her promised benefits. Nancy G. Ross, Jed W. Glickstein, Andrew J. Pincus, and Brian D. Netter of Mayer Brown LLP served as co-counsel for the amici.

The U.S. Chamber previously filed an amicus brief when this case was before the Eighth Circuit.

Case Documents

Petition

Cert. Petition -- Thole v. U.S. Bank, N.A. (U.S. Supreme Court).pdf

Appendix -- Thole v. U.S. Bank, N.A. (U.S. Supreme Court).pdf

Merits

U.S. Chamber, et al., Amicus Brief -- Thole v. U.S. Bank, N.A. (U.S. Supreme Court).pdf

Transcript of Oral Argument -- Thole v. U.S. Bank, N.A. (U.S. Supreme Court).pdf

Opinion -- Thole v. U.S. Bank, N.A. (U.S. Supreme Court).pdf