Document ID: ./input/supremecourt_opinions/opinions/19pdf/17-1712_0971.pdf
Page Number: 14

Cite as:  590 U. S. ____ (2020) 

1 

SOTOMAYOR, J., dissenting 

SUPREME COURT OF THE UNITED STATES 

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No. 17–1712 
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JAMES J. THOLE, ET AL., PETITIONERS v. 
U. S. BANK N. A., ET AL. 

ON WRIT OF CERTIORARI TO THE UNITED STATES COURT OF 
APPEALS FOR THE EIGHTH CIRCUIT 

[June 1, 2020]

 JUSTICE  SOTOMAYOR,  with  whom  JUSTICE  GINSBURG, 

JUSTICE BREYER, and JUSTICE KAGAN join, dissenting. 

The Court holds that the Constitution prevents millions
of  pensioners  from  enforcing  their  rights  to  prudent  and
loyal management of their retirement trusts.  Indeed, the 
Court determines that pensioners may not bring a federal 
lawsuit  to  stop  or  cure  retirement-plan  mismanagement
until their pensions are on the verge of default.  This con-
clusion conflicts with common sense and longstanding prec-
edent. 

I 
A 
ERISA1  protects  “the  interests  of  participants  in  em-
ployee  benefit  plans  and  their  beneficiaries.”    29  U. S. C. 
§1001(b).  Chief among these safeguards is that “all assets
of an employee benefit plan” must “be held in trust by one
or  more  trustees”  for  “the  exclusive  purposes of  providing 
benefits to participants in the plan and their beneficiaries.” 
§§1103(a), (c)(1).  A retirement plan’s assets “shall never in-
ure to the benefit of any employer.”  §1103(c)(1).

Because ERISA requires that retirement-plan assets be 

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1 Employee Retirement Income Security Act of 1974,  88 Stat. 829, as 

amended, 29 U. S. C. §1001 et seq.