US - The Supreme Court is set to hear a case today which could potentially shake-up pension protection law.
James LaRue alleges his former employer, DeWolff Boberg & Associates, the administrator of an ERISA governed plan in which he participated, failed to follow his investment directions.
He claims, as a result, his assets in the plan diminished by approximately US$150,000.
It is up to the Supreme Court to decide whether the case will go forward. It comes a decision in the United States Court of Appeals for the Fourth Circuit that LaRue's case could not continue because the relief he sought was not available under ERISA. LaRue, with the US Department of Labor joining in his request, petitioned for rehearing, but the court denied the request.
According to the court papers, LaRue alleges that DeWolff Boberg & Associates fiduciaries breached their duty to him by failing to implement the investment strategy he had selected for his employee retirement account.
LaRue had participated in a 401(k) plan since 1993. He alleges that in 2001 and 2002, he directed DeWolff Boberg & Associates to make certain changes to the investments in his plan account, but that these directions were never carried out.
In 2004, he brought suit against DeWolff and the plan, claiming that this omission amounted to a breach of fiduciary duty.
DeWolff Boberg & Associates contended that plaintiff’s requested remedy was not available under the legislation. The district court agreed, and thereafter dismissed the case with prejudice.
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