6th Circuit Says Employee Who Cashed Out Retirement Plan Can Sue for Fiduciary Breach

Summary

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A plaintiff has standing to sue a former employer for breach of fiduciary duty under ERISA despite the fact that he cashed out his defined-contribution plan, the 6th Circuit has ruled in reversing a U.S District Court.

The plaintiff worked for a power company and participated in its retirement plan, which included a fund consisting almost entirely of company stock. He sued under ERISA, alleging that the company had engaged in various reporting and energy-trading abuses that had caused the stock price to inflate artificially and resulted in a devaluation of the stock fund.

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6th Circuit Says Employee Who Cashed Out Retirement Plan Can Sue for Fiduciary Breach

The plaintiff sold his plan holdings and ...

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