Lumen Technologies latest company sued over a PRT deal with Athene

September 10, 2024 by John Hilton

As private equity firms continue hunting pension risk transfer deals, corresponding lawsuits from aggrieved pensioners are increasing as well.

A lawsuit filed last week in Colorado accused Lumen Technologies of bypassing its fiduciary obligations to select the “safest annuity available” in favor of a lucrative PRT deal with Athene Life & Annuity.

Athene, a wholly owned subsidiary of Apollo Global Management, is not named as a defendant in the lawsuit.

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Originally Posted at InsuranceNewsNet on September 10, 2024 by John Hilton.