The Supreme Court on Monday considered a case that asks whether the Employee Retirement Income Security Act of 1974 allows a participant in a defined contribution pension plan to recover losses caused by a breach of fiduciary duty, even when those losses affected only the participant’s individual account.
James LaRue sued his employer, DeWolff, Boberg & Associates Inc., seeking to recover $150,000 that he says was lost from his 401(k) account because the plan administrators twice disregarded his instructions to transfer his investments to different mutual funds. The 4th U.S. Circuit Court of Appeals ruled in favor of DeWolff, finding that the claim could not be brought under ERISA.
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