Over 401(k) Fund Management
to Individual Breach of Fiduciary Duty Lawsuits***
CD of Teleconference with Q&A
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Conducted on Wednesday, April 2, 2008
Now available on CD |
On February 20th, the U.S. Supreme Court ruled unanimously in LaRue v. DeWolff, Boberg & Associates, Inc. that individual participants in 401(k) plans can sue when their employers or retirement sponsors ignore their investment instructions or otherwise mishandle their investment accounts.
In a separate concurrence, two justices suggested that the remedies available to employees could be limited, making the true impact of the ruling uncertain. Employers’ counsel fear the ruling may result in a flood of individual lawsuits against plan sponsors.
In the wake of this ruling, counsel for plan sponsors should take a critical look at how their clients’ 401(k) plans are managed and advise them of steps to take to reduce the likelihood of ERISA litigation or minimize liability exposure if they are sued.
Listen as our panel of employee benefits attorneys reviews the LaRue decision and its implications and offers best practices for plan sponsors to minimize liability exposure for 401(k) plan administration.
The panel included:
Thomas Gies, Partner, Crowell & Moring, Washington, D.C. He is a founding member of the firm's Labor and Employment Law Practice Group. He has over 30 years experience in employment law and argued the LaRue case before the Supreme Court.
Robert P. Davis, Partner, Mayer Brown, Washington, D.C. He represents plans, fiduciaries and plan sponsors in ERISA investigations and litigation. He also provides ERISA advice on fiduciary issues, prohibited transactions and matters under Title I. Mr. Davis was previously Solicitor of the United States Department of Labor.
Karen L. Handorf, Of Counsel, Cohen Milstein Hausfeld & Toll, Washington, D.C. She is a member of the firm's Employee Benefits Practice Group. She previously worked for the Office of the Solicitor of Labor, where she helped shaped the law related to remedies under ERISA. She also supervised ERISA appellate litigation.
The panel reviewed these and other key questions:
- What is the likely impact of the LaRue decision on plan sponsors?
- What actions or inactions potentially violate a fiduciary's duty to carefully manage plans?
- What are some best practices for plan sponsors to avoid litigation for plan mismanagement or reduce liability exposure?
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TELECONFERENCE CD
Purchase a CD-ROM of the full conference proceedings, including Q&A and PDF files of all handouts (available 10 days after the program).
- Regular Price - $297 (plus $9.45 S&H)
- With Teleconference Registration – an additional $75 (plus $9.45 S&H)
CLE credit is available for an additional $65 each for attorneys seeking CLE credits for NY or CT. Other states may grant CLE credits for listening to this CD - check with your state about applying for self-study credit on CD-listening.