A former employee alleges that the bank used assets forfeited by former workers for its own financial benefit instead of for plan participants.

Retirees claim that AT&T selected a "risky" insurer to conduct the $8.05 billion transfer of plan assets, but the company claims it is not responsible for a decision made by its independent fiduciary.

The construction firm is being sued over the fees retirement plan participants paid after being defaulted into managed accounts.

The ruling, which applies nationwide and takes effect immediately, relieves insurers and employers of the Obamacare requirement to cover certain free preventative screenings for cancer, heart disease, and other illnesses.