Friday, February 22, 2008

Top Court Allows Suit Over 401(k)

According to The New York Times, "Participants in 401(k) retirement plans can sue to recover losses when their investment instructions are ignored or the account is otherwise mishandled, the Supreme Court ruled on Wednesday." "With 70 million people holding about $3 trillion in 401(k) investments," the report explains, "the 9-to-0 decision was one of the most important rulings in years on the meaning of the federal pension law known as Erisa."