General Electric defeated a pension fund appeal seeking over $220 million in withdrawal liability.
The U.S. Court of Appeals for the Eighth Circuit sided with the company in a Tuesday ruling.
The Boilermaker-Blacksmith National Pension Trust alleged General Electric owed the money following a partial pension plan withdrawal.
The trust previously lost an arbitration decision over the payment.
The Eighth Circuit affirmed the arbitrator's decision, resolving the dispute in General Electric's favor.