Thole v. U.S. Bank, N.a.
U.S. Supreme Court · decided June 1, 2020 · Supreme Court Database (Spaeth)
- Decided
- June 1, 2020
- Term
- October Term 2019
- Vote
- 5–4
- Majority author
- Justice Kavanaugh
- Issue area
- Economic Activity
- Disposition
- Affirmed
- Outcome
- Petitioning party lost
- Ideological direction
- Conservative
Opinion excerpt
Justice KAVANAUGH delivered the opinion of the Court. To establish standing under Article III of the Constitution, a plaintiff must demonstrate (1) that he or she suffered an injury in fact that is concrete, particularized, and actual or imminent, (2) that the injury was caused by the defendant, and (3) that the injury would likely be redressed by the requested judicial relief. See Lujan v. Defenders of Wildlife , 504 U.S. 555, 560-561, 112 S.Ct. 2130, 119 L.Ed.2d 351 (1992). Plaintiffs James Thole and Sherry Smith are two retired participants in U. S. Bank's retirement plan. Of decisive importance to this case, the plaintiffs' retirement plan is a defined-benefit plan, not a defined-contribution plan. In a defined-benefit plan, retirees receive a fixed payment each month, and the payments do not fluctuate with the value of the plan or because of the plan fiduciaries' good or bad investment decisions. By contrast, in a defined-contribution plan, such as a 401(k) plan, the retirees' benefits are typically tied to the value of their accounts, and the benefits can turn on the plan fiduciaries' particular investment decisions. See Beck v. PACE Int'l Union , 551 U.S. 96, 98, 127 S.Ct. 2310, 168 L.Ed.2d 1 (2007) ; Hughes Aircraft Co. v. Jacobson , 525 U.S. 432, 439-440, 119 S.Ct. 755, 142 L.Ed.2d 881 (1999). As retirees and vested participants in U. S. Bank's defined-benefit plan,…
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