Audio By Carbonatix
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
