Judge Allows Lawsuit Against State Street Over AT&T Pensions, Dismisses Claims Against AT&T

Key Facts

1A judge allowed AT&T retirees to proceed with a lawsuit against State Street Global Advisors Trust Co. as the designated fiduciary for the pension plan.

2The court dismissed claims against AT&T itself, focusing on the investment manager's liability in the transaction swapping pension benefits for outside annuities.

A U.S. judge allowed AT&T retirees to proceed with a lawsuit against State Street Global Advisors Trust Co. in its capacity as the designated fiduciary for the pension plan. Bloomberg Law News reported that the court dismissed claims against AT&T Inc. itself, focusing instead on the investment manager's liability regarding a transaction that swapped pension benefits for outside annuities.

The retirees allege injury and a breach of fiduciary duty following the transition of employer-sponsored benefits to an external entity. Regarding market performance, State Street (STT) closed at $179.73 on September 28, 2026, while AT&T (T) closed at $24.9 on the same date.