Thursday, February 21, 2008

Supreme Court permits ERISA claim based on 401(k) losses

In a significant decision, the Supreme Court has decided that ERISA permits an employee to sue the plan fiduciary (often the employer) because of a fiduciary breach that resulted in individual losses to a 401(k) plan. In our unstable economy, this decision is bad news for employers and a boon for the plaintiffs' bar, as employees have the green light to sue for losses to their retirement accounts, even if they directed the accounts.

As for analysis, I'll leave the heavy lifting to others:

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