Alert February 26, 2008

U.S. Supreme Court Allows 401(k) Plan Participant to Sue Plan Employer over Loss to Participant's Account

In a unanimous decision, the U.S. Supreme Court held that the Employee Retirement Income Security Act (“ERISA”) authorizes participants of defined contribution pension plans (such as 401(k) plans) to sue ERISA fiduciaries under ERISA § 502(a)(2) to recover losses arising from a breach of ERISA fiduciary duties to their individual plan accounts.  Goodwin Procter ERISA litigators and practitioners have prepared a Client Alert analyzing the decision.  The Client Alert is available at http://www.goodwinprocter.com/~/media/C876A66A22DA409E8767F11C548645EA.ashx.