LaRue v. DeWolff

Larue V. DeWolff, Boberg & Associates, Inc.

Supreme Court overturns Fourth Circuit, 9-0

Holds that ERISA authorizes participants of defined
contribution pension plans -- such as 401(k) plans -- to sue ERISA fiduciaries under ERISA 502(a)(2) to recover losses arising from a breach of ERISA fiduciary duties to
their individual plan accounts
Petitioner had sued his former employer and plan administrator for breach of ERISA fiduciary duty
under 502(a)(2) arising from the administrators alleged failure to carry out his 401(k) plan investment instructions
Resulted in claimed losses to his plan account of approximately $150,000
See Opinion syllabus summary of holding

Fourth Circuit opinion

Held that ERISA permitted individual participants to recover for losses only on behalf of an entire plan, rather than for losses to a participants individual account