Athene Asset Management (AAM) headquarters in El Segundo, California. Credit: JHVEPhoto/Adobe Stock
In the past year, there has been a surge of employer pension risk transfer (PRT) lawsuits, and now Seattle-based wood product manufacturer Weyerhaeuser Co. is being sued in a class-action lawsuit in federal court for transferring US$1.5 billion in plan assets to Athene Annuity & Life Assurance Company, which is not a party to the litigation. The lawsuit alleges a breach of fiduciary duty, as well as conflicts of interest in the choice of provider.
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Lynn Cavanaugh
Lynn Varacalli Cavanaugh is Senior Editor, Retirement at BenefitsPRO. Prior, she was editor-in-chief of the What's New in Benefits & Compensation newsletter. She has worked for major firms in the employee benefits space, Vanguard and Willis Towers Watson, as well as top media companies, including Condé Nast and American Media.
