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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