Cashed-Out 401k Members May Still Sue: Court

Law360, New York (August 1, 2007, 12:00 AM EDT) -- In a case against semiconductor company Conexant Systems Inc., a circuit court has ruled that an employee who cashes out of his former employer’s 401(k) plan still has the right to sue the administrator of the plan if alleged mismanagement led to a reduction in his benefits.

The U.S. Court of Appeals for the Third Circuit ruled Tuesday that despite cashing out of the Conexant retirement plan, Howard Graden is still deemed a participant under the Employee Retirement Income Security Act because the mismanagement he alleges...
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