The Supreme Court ruled on Feb. 20 that an investor in a 401(k) plan can sue to recover losses from the plan’s breach of fiduciary duty. How do companies need to respond?
In LaRue v. DeWolff, Boberg & Associates, the Supreme Court concluded that an individual participant — not just the 401(k) plan, as in the past — can recover losses under the Employee Retirement Income Security Act. James LaRue alleged that the 401(k) plan administrator breached its duties by failing to follow his investment directions, thereby costing him about $150,000.
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