October Term 2019 · Docket 17-1712
Can pension beneficiaries sue trustees for fiduciary breaches without proving direct financial loss?
the sides that brought the case claim trustees caused $750 million in losses. the opposing sides argue no direct injury occurred.
Verified source milestones
- — An official oral-argument transcript was verified.
- — An official oral-argument transcript was verified.
The arguments, in order
This case may have been argued more than once. Each entry below uses that session's official transcript. Later arguments do not erase earlier ones.
Argument 1 ·
What happened at the argument
Mr. Stris argued clients have equitable interests in trust assets.
Mr. Palmore stated no ERISA exception exists to Article III.
Mr. Joshi cited centuries of trust law supporting beneficiary suits.
Chief Justice Roberts questioned whether abstract losses constitute injury.
Read the official transcript for this argument · Official argument details
Sources used for this argument breakdown
- Official Supreme Court Transcript — file page 10, lines 10-10 — Transcript, file page 10, lines 10-10
- Official Supreme Court Transcript — file page 10, lines 12-14 — Transcript, file page 10, lines 12-14
- Official Supreme Court Transcript — file page 10, lines 20-32 — Transcript, file page 10, lines 20-32
- Official Supreme Court Transcript — file page 10, lines 44-16 — Transcript, file page 10, lines 44-16
- Official Supreme Court Transcript — file page 11, lines 20-22 — Transcript, file page 11, lines 20-22
- Official Supreme Court Transcript — file page 11, lines 36-38 — Transcript, file page 11, lines 36-38
- Official Supreme Court Transcript — file page 22, lines 50-10 — Transcript, file page 22, lines 50-10
- Official Supreme Court Transcript — file page 35, lines 16-8 — Transcript, file page 35, lines 16-8
- Official Supreme Court Transcript — file page 4, lines 12-22 — Transcript, file page 4, lines 12-22
- Official Supreme Court Transcript — file page 4, lines 24-26 — Transcript, file page 4, lines 24-26
- Official Supreme Court Transcript — file page 6, lines 28-8 — Transcript, file page 6, lines 28-8
- Official Supreme Court Transcript — file page 68, lines 30-10 — Transcript, file page 68, lines 30-10
- Official Supreme Court Transcript — file page 69, lines 22-46 — Transcript, file page 69, lines 22-46
- Official Supreme Court Transcript — file page 7, lines 32-38 — Transcript, file page 7, lines 32-38
- Official Supreme Court Transcript — file page 7, lines 50-18 — Transcript, file page 7, lines 50-18
- Official Supreme Court Transcript — file page 70, lines 46-36 — Transcript, file page 70, lines 46-36
- Official Supreme Court Transcript — file page 73, lines 38-40 — Transcript, file page 73, lines 38-40
- Official Supreme Court Transcript — file page 8, lines 44-12 — Transcript, file page 8, lines 44-12
- Official Supreme Court Transcript — file page 9, lines 16-26 — Transcript, file page 9, lines 16-26
- Official Supreme Court Transcript — file page 9, lines 30-32 — Transcript, file page 9, lines 30-32
A citizen's guide to the whole case
What this case is about
This case tests Article III standing requirements for ERISA claims.
Official sources for this section
- Official Supreme Court Transcript — file page 22, lines 50-10 — Transcript, file page 22, lines 50-10
- Official Supreme Court Transcript — file page 35, lines 16-8 — Transcript, file page 35, lines 16-8
- Official Supreme Court Transcript — file page 4, lines 24-26 — Transcript, file page 4, lines 24-26
- Official Supreme Court Transcript — file page 68, lines 30-10 — Transcript, file page 68, lines 30-10
- Official Supreme Court Transcript — file page 70, lines 46-36 — Transcript, file page 70, lines 46-36
How the case got here
The Supreme Court heard oral argument in this case on January 13, 2020.
Official sources for this section
- Official Supreme Court Transcript — file page 4, lines 12-22 — Transcript, file page 4, lines 12-22
- Official Supreme Court Transcript — file page 73, lines 38-40 — Transcript, file page 73, lines 38-40
What each side wants
the sides that brought the case want to sue trustees for fiduciary breaches.
the opposing sides want dismissal for lack of standing.
Official sources for this section
- Official Supreme Court Transcript — file page 22, lines 50-10 — Transcript, file page 22, lines 50-10
- Official Supreme Court Transcript — file page 35, lines 16-8 — Transcript, file page 35, lines 16-8
- Official Supreme Court Transcript — file page 4, lines 24-26 — Transcript, file page 4, lines 24-26
- Official Supreme Court Transcript — file page 68, lines 30-10 — Transcript, file page 68, lines 30-10
- Official Supreme Court Transcript — file page 70, lines 46-36 — Transcript, file page 70, lines 46-36
What each side says
the sides that brought the case argue beneficiaries hold equitable interests in trust assets.
the opposing sides argue plaintiffs must demonstrate tangible financial injury.
Official sources for this section
- Official Supreme Court Transcript — file page 22, lines 50-10 — Transcript, file page 22, lines 50-10
- Official Supreme Court Transcript — file page 35, lines 16-8 — Transcript, file page 35, lines 16-8
- Official Supreme Court Transcript — file page 4, lines 24-26 — Transcript, file page 4, lines 24-26
- Official Supreme Court Transcript — file page 68, lines 30-10 — Transcript, file page 68, lines 30-10
- Official Supreme Court Transcript — file page 70, lines 46-36 — Transcript, file page 70, lines 46-36
What the justices asked
Justice Gorsuch asked if defined benefit plans change the analysis.
Chief Justice Roberts asked how abstract trust losses create injury.
Official sources for this section
- Official Supreme Court Transcript — file page 10, lines 10-10 — Transcript, file page 10, lines 10-10
- Official Supreme Court Transcript — file page 10, lines 12-14 — Transcript, file page 10, lines 12-14
- Official Supreme Court Transcript — file page 10, lines 20-32 — Transcript, file page 10, lines 20-32
- Official Supreme Court Transcript — file page 10, lines 44-16 — Transcript, file page 10, lines 44-16
- Official Supreme Court Transcript — file page 11, lines 20-22 — Transcript, file page 11, lines 20-22
- Official Supreme Court Transcript — file page 11, lines 36-38 — Transcript, file page 11, lines 36-38
- Official Supreme Court Transcript — file page 6, lines 28-8 — Transcript, file page 6, lines 28-8
- Official Supreme Court Transcript — file page 69, lines 22-46 — Transcript, file page 69, lines 22-46
- Official Supreme Court Transcript — file page 7, lines 32-38 — Transcript, file page 7, lines 32-38
- Official Supreme Court Transcript — file page 7, lines 50-18 — Transcript, file page 7, lines 50-18
- Official Supreme Court Transcript — file page 73, lines 38-40 — Transcript, file page 73, lines 38-40
- Official Supreme Court Transcript — file page 8, lines 44-12 — Transcript, file page 8, lines 44-12
- Official Supreme Court Transcript — file page 9, lines 16-26 — Transcript, file page 9, lines 16-26
- Official Supreme Court Transcript — file page 9, lines 30-32 — Transcript, file page 9, lines 30-32
Why it matters
This dispute defines the scope of federal court jurisdiction for pension beneficiaries.
Official sources for this section
- Official Supreme Court Transcript — file page 22, lines 50-10 — Transcript, file page 22, lines 50-10
- Official Supreme Court Transcript — file page 35, lines 16-8 — Transcript, file page 35, lines 16-8
- Official Supreme Court Transcript — file page 4, lines 24-26 — Transcript, file page 4, lines 24-26
- Official Supreme Court Transcript — file page 68, lines 30-10 — Transcript, file page 68, lines 30-10
- Official Supreme Court Transcript — file page 70, lines 46-36 — Transcript, file page 70, lines 46-36
What happens next
This article currently covers the argument record. Use the official docket link for later case activity.
Official sources for this section
- Official Supreme Court Transcript — file page 10, lines 10-10 — Transcript, file page 10, lines 10-10
- Official Supreme Court Transcript — file page 10, lines 12-14 — Transcript, file page 10, lines 12-14
- Official Supreme Court Transcript — file page 10, lines 20-32 — Transcript, file page 10, lines 20-32
- Official Supreme Court Transcript — file page 10, lines 44-16 — Transcript, file page 10, lines 44-16
- Official Supreme Court Transcript — file page 11, lines 20-22 — Transcript, file page 11, lines 20-22
- Official Supreme Court Transcript — file page 11, lines 36-38 — Transcript, file page 11, lines 36-38
- Official Supreme Court Transcript — file page 4, lines 12-22 — Transcript, file page 4, lines 12-22
- Official Supreme Court Transcript — file page 6, lines 28-8 — Transcript, file page 6, lines 28-8
- Official Supreme Court Transcript — file page 69, lines 22-46 — Transcript, file page 69, lines 22-46
- Official Supreme Court Transcript — file page 7, lines 32-38 — Transcript, file page 7, lines 32-38
- Official Supreme Court Transcript — file page 7, lines 50-18 — Transcript, file page 7, lines 50-18
- Official Supreme Court Transcript — file page 73, lines 38-40 — Transcript, file page 73, lines 38-40
- Official Supreme Court Transcript — file page 8, lines 44-12 — Transcript, file page 8, lines 44-12
- Official Supreme Court Transcript — file page 9, lines 16-26 — Transcript, file page 9, lines 16-26
- Official Supreme Court Transcript — file page 9, lines 30-32 — Transcript, file page 9, lines 30-32
Official Court provenance
Official docket and case history · Official Supreme Court oral-argument detail page
Title and summary sources
- Official Supreme Court Transcript — file page 22, lines 50-10 — Transcript, file page 22, lines 50-10
- Official Supreme Court Transcript — file page 35, lines 16-8 — Transcript, file page 35, lines 16-8
- Official Supreme Court Transcript — file page 4, lines 24-26 — Transcript, file page 4, lines 24-26
- Official Supreme Court Transcript — file page 68, lines 30-10 — Transcript, file page 68, lines 30-10
- Official Supreme Court Transcript — file page 70, lines 46-36 — Transcript, file page 70, lines 46-36
- Official Supreme Court Transcript — file page 22, lines 50-10 — Transcript, file page 22, lines 50-10
- Official Supreme Court Transcript — file page 35, lines 16-8 — Transcript, file page 35, lines 16-8
- Official Supreme Court Transcript — file page 4, lines 24-26 — Transcript, file page 4, lines 24-26
- Official Supreme Court Transcript — file page 68, lines 30-10 — Transcript, file page 68, lines 30-10
- Official Supreme Court Transcript — file page 70, lines 46-36 — Transcript, file page 70, lines 46-36
Revision history
- Revision 1 · Official Transcript ·
Correction: Rewritten to the concise citizen-facing editorial standard.
- Revision 2 · Official Transcript ·
Correction: Migrated to the dated official Court activity contract without model use.