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Supreme Court permits 401(k) Suits
Posted by: Melville Johnson, P.C.
April 15, 2008
Topic: Erisa Retirement Benefits
The Attorneys at Melville Johnson, P.C. can provide this type of legal representation for you:
The United States Supreme Court has ruled that Participants in 401(k) retirement plans can sue to recover losses, when their investment instructions are ignored or the account is otherwise mishandled, under the Employee Retirement Income Security Act.
James LaRue a suit to recover his losses, when he gave instructions to shift his investments from one mutual fund to another, but the instruction was ignored. The error cost Mr. LaRue $150,000 in lost profits.
The court in reversing a district court and appeals court decision, voted 9 to 0 to allow individuals with defined contribution plans to be able to sue to recover lost assets in such cases where the administrator mishandles the account.
This article is largely based on a New York Times article written by Linda Greenhouse on February 21, 2008.
Topics
Employment Discrimination
Erisa Retirement Benefits
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