Lockheed Martin's Pension Risk Transfer Lawsuit Proceeds Against Athene

A lawsuit against Lockheed Martin related to pension risk transfers (PRTs) with Athene is set to proceed, as the U.S. District Court for the District of Maryland denied Lockheed's motion to dismiss. The lawsuit claims that Lockheed acted against fiduciary duties by selecting Athene as the annuity provider. In contrast, a similar lawsuit against Alcoa Corp. was dismissed by the D.C. court, finding no actual harm to the plaintiffs from the PRTs. The plaintiffs in Lockheed's case argue that Athene's investment strategies pose imminent risks to retirees, while Athene maintains that the claims are baseless and aims to secure funding through the PRTs.