In a significant decision, the Supreme Court has decided that ERISA permits an employee to sue the plan fiduciary (often the employer) because of a fiduciary breach that resulted in individual losses to a 401(k) plan. In our unstable economy, this decision is bad news for employers and a boon for the plaintiffs' bar, as employees have the green light to sue for losses to their retirement accounts, even if they directed the accounts.
As for analysis, I'll leave the heavy lifting to others:
- SCOTUS Wiki, which has a summary of the case.
- SCOTUS Blog, which has a copy of the opinion.
- Workplace Prof Blog, for some analsysis.
- John Phillips' Word on Employment Law, for some more analysis.