AT&T faces second lawsuit over $8 billion pension risk transfer

AT&T Inc. is facing a second lawsuit, brought by former participants of the AT&T Pension Benefit Plan, alleging the company violated its ERISA obligation by conducting an $8.05 billion pension risk transfer with Athene Annuity and Life Co., which they claim is a risky insurance company, Plansponsor reports. The plaintiffs accuse AT&T and its independent fiduciary, State Street Global Advisors Trust Co., of favoring their own interests over those of the plan participants.