( October 6, 2026, 4:03 PM EDT) -- WASHINGTON, D.C. — The U.S. Supreme Court heard oral argument on Oct. 6 in an Employee Retirement Income Security Act case concerning whether fund underperformance claims must allege a “meaningful benchmark” to survive dismissal, with retirement plan participants arguing that the Ninth Circuit U.S. Court of Appeals improperly imposed a categorical rule that prohibits a holistic analysis of the allegations and plan fiduciaries and amicus curiae the U.S. government contending that the Ninth Circuit correctly decided that an apples-to-apples comparison is necessary in such cases....