LaRue And The Likelihood Of 401(k) Litigation

Law360, New York (March 3, 2008, 12:00 AM EST) -- Increasing the likelihood of litigation involving 401(k) plans, the U.S. Supreme Court in LaRue v. DeWolff, Boberg & Assocs. Inc., reversed the Fourth Circuit in holding that ERISA § 502(a)(2) authorizes an individual participant to bring a federal court action for "recovery for fiduciary breaches that impair the value of plan assets in a participant's individual account."

Prior Supreme Court precedent, including Massachusetts Mutual Life Ins. Co. v. Russell, had held that individual participants could not bring an ERISA claim "to recover consequential damages." Russell held...
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