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Retirement Plans

LaRue v. DeWolff, Boberg & Associates, Inc., 128 S.Ct. 1020 (2008).
Docket No. 06-856, decided February 20, 2008.

The plaintiff alleged that the administrator of his 401(k) plan failed to follow his instructions to make certain changes in his individual investment account, and that the failure was a breach of fiduciary duty under the Employee Retirement Income Security Act (ERISA) which depleted his interest in the plan by approximately $150,000. The Fourth Circuit affirmed the district court’s grant of judgment on the pleadings to the defendants, finding that ERISA § 502(a)(2) provides remedies only for entire plans, not for individuals. However, the United States Supreme Court—resolving a split among the federal circuit courts—reversed, holding that although § 502(a)(2) does not provide a remedy for individual injuries distinct from plan injuries, that provision does authorize recovery for fiduciary breaches that impair the value of plan assets in a participant’s individual account.

 

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