GE Sued over $1.7 Billion pension risk transfer

GE is facing a proposed class-action lawsuit over its transfer of $1.7B in pension liabilities to an insurance company. The company is the latest among several large companies sued over similar practices this year, all of which made pension risk transfers to Athene Annuity and life Co. While Athene has not been named as a defendant, its pension risk transfer business has been the subject of litigation against employers as the business is considered a highly risky private equity controlled insurance company with a complex and opaque structure, the recent complaint against GE stated. The other companies sued so far this year include Lockheed Martin, AT & T, and Alcoa.