In a unanimous decision favorable to employees, the U.S. Supreme Court recently ruled that individual 401(k) plan participants can sue plan administrators
under the federal Employee Retirement Income Security Act (ERISA) for breach of fiduciary duty. James LaRue had initiated the lawsuit after his employer failed to follow his investment instructions, which he said resulted in a loss of $150,000. The employer had argued that ERISA provided relief only for losses to the entire plan, but the Supreme Court has now found that employees can sue for their
individual losses.
