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Magistrate Recommends Dismissal of AT&T Pension Risk Suit

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Sig3.40Sen+1.90Env0.00Soc+0.60Gov+1.40

A Massachusetts federal magistrate recommended dismissal of a pension risk transfer suit against AT&T, finding the complaints lacked sufficient factual allegations. Plaintiffs alleged AT&T breached fiduciary duties and conflicts of interest tied to an $8.05 billion May 2023 annuity deal with Athene, but the report said there was no evidence AT&T brokered the deal and that AT&T selected State Street as fiduciary adviser.

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