April 29, 2008 |
Posted By Diane Pfadenhauer |
401(k) Plan Participants Can Now for Fiduciary Breach
According to fellow Lexblogger, Vicky Johnson, individual plan particpants now have the opportunity to recover damages against plan fiduciaries who breach their responsibilities. The United State Supreme Court recently held in LaRue v. DeWolff, Boberg & Associates., Inc. that an individual that sustained a financial loss in plan assets could sue under ERISA to recover damages cause as a result of plan fiduciaries. In this instance it is generally understood now that individuals can recover under 409(A) of ERISA with respect to damages like this in a defined contribution (in this case a 401(k)) plan.
For the full text opinion, follow this link: LaRue v. DeWolff, Boberg & Assocs., Inc.