Supreme Court Will Let Dallas Man's 401(k) Lawsuit Move Forward
This morning, the Supreme Court of the United States heard arguments in the case James LaRue v. DeWolff, Boberg & Assoc., Inc., et al., which probably means nothing to you. Unless, that is, you're invested in your company's 401(k) plan, in which case, this Dallas-based case is plenty interesting.
Because, see, this morning the Supreme Court justices sided with LaRue, who's been trying to sue the Dallas-based management consulting firm, claiming the DeWolff, Boberg & Associates didn't allow him to make changes to his investment accounts, as he'd requested. LaRue figures the company's inaction cost him upwards of $100,000. The court didn't rule in the case; it only said it could move forward, reversing a lower court's earlier ruling. Reported Bloomberg News moments ago: "U.S. Supreme Court justices signaled they will let participants in 401(k) retirement plans file lawsuits claiming their accounts were mishandled." Seventy million Americans just got very interested in this case. Very. --Robert Wilonsky