ICI Welcomes DOL Amicus Briefs in ERISA Lawsuits

Washington, DC; December 16, 2025—Investment Company Institute (ICI) President and CEO Eric J. Pan released the following statement regarding the Department of Labor’s (DOL) amicus briefs in Pizarro v. The Home Depot and Johnson v. Parker-Hannifin Corporation, two significant cases pending before the US Supreme Court that address Employee Retirement Income Security Act (ERISA) disputes.

“ICI welcomes the DOL’s efforts to clarify ERISA’s civil pleading standards and reduce meritless litigation against plan sponsors and fiduciaries. The arguments advanced by the DOL align with policies ICI has advocated to preserve the viability of employer-sponsored plans. 

“It’s clear that the plaintiffs in these and similar lawsuits should bear the burden of proof, as several US circuit courts have held. Similarly, plaintiffs alleging investment underperformance should be required to provide a meaningful benchmark or comparator to the challenged investment, and not simply a broad market index or a cherry-picked comparator that does not have a similar risk profile and strategy. These commonsense requirements would not be obstacles to any meritorious suit.

“Plan participants and beneficiaries are better protected when baseless litigation is halted at its onset. While we await the Supreme Court’s next steps in these cases, we will continue to work with the DOL on initiatives to reduce overly burdensome rules and regulations in the interest of the millions of retirement savers our members serve.”

Background: 

In September, ICI wrote to Assistant Secretary of Labor for the Employee

Benefits Security Administration (EBSA) Daniel Aronowitz to recommend steps the DOL can take to strengthen the US retirement system, including initiatives focused on ERISA class action litigation. Read more about our recommendations here.