Washington, D.C., December 11, 2025 – On Wednesday, The ERISA Industry Committee (ERIC) and its coalition allies filed an amicus brief with the U.S. Court of Appeals for the Fourth Circuit in Konya v. Lockheed Martin Corporation (Konya). The brief urges the Court to dismiss the suit.
Konya is one in a growing category of lawsuits challenging common transactions expressly permitted under the Employee Retirement Income Security Act (ERISA). The putative class action by former employees targets a “pension risk transfer” (PRT) in which Lockheed Martin Corporation’s defined benefit pension plan purchased annuity contracts from an insurance company by transferring assets, making the insurer liable for the employees’ pension benefits. ERIC joined prior amicus filings urging the court to dismiss the case, explaining that the plaintiffs lack standing to sue because they failed to allege an actual injury to their legal interests stemming from the transaction.
“More than a dozen pension risk transfer cases have already been filed by a small and select handful of plaintiffs’ attorneys who are initiating virtually the same action in courts across the country. That trend is troubling enough, but what is even more concerning is that every time one of these cases is filed, plan sponsors are forced to devote more time, energy, and resources to legal battles. That means time and resources taken away from the retirement plans that employees rely on for financial security,” said Tom Christina, Executive Director of the ERIC Legal Center. “The court has an opportunity to protect employers and employees from speculative claims and prevent the plaintiffs’ bar from creating yet another pathway to profits. Dismissing the suit is a step toward cutting off that pathway.”
Earlier this year, the district court allowed the case to move forward saying the plaintiffs had established standing but immediately froze further proceedings after a nearly identical case was dismissed in a separate circuit. In August, Lockheed Martin filed an immediate appeal on the standing issue, which was supported by ERIC and other employer groups who filed an amicus brief urging the appeals court to review and reverse the district court’s decision.
ERIC was joined by the American Benefits Council and the Committee on Investment of Employee Benefit Assets Inc. on the brief. Seyfarth Shaw LLP prepared the amicus brief, which is available here.