ATI PENSION RISK TRANSFER CLASS ACTION

Consolidated Cases

Souza et al v. ATI Inc. and State Street Global Advisors Trust Co.

United States District Court, Western District of Pennsylvania

Case No. 2:24-cv-01214

Schoen et al v. ATI Inc. and State Street Global Advisors Trust Co.

United States District Court, Western District of Pennsylvania

Case No. 2:24-cv-01109

Case Overview

On August 23, 2024, on behalf of a Karen Souza and John Souza who are participants in the Allegheny Technologies Incorporated Pension Plan (the “Plan”), Edward Stone Law P.C., Zuckerman Spaeder LLP, Kantor & Kantor, and John A. Schwab filed a class action against ATI Inc. and State Street Global Advisors Trust Co., alleging defendants violated their fiduciary duties and engaged in prohibited transactions under ERISA by entering into a pension risk transfer of more than $1.5 billion in pension plan liabilities through the purchase of group annuity contracts offered by Athene Annuity Life Insurance Company and affiliates (“Athene”). The Souza lawsuit was consolidated with another lawsuit filed against ATI Inc. and State Street by Schlichter Bogard LLP styled as Schoen et al. v ATI Inc., et al, under Case No. 2:24-cv-01109. Counsel for the Schoen and Souza plaintiff groups filed a Consolidated Complaint on October 31, 2024, and the Schlichter Bogard firm was appointed as interim class counsel on November 27, 2024.

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