The First Circuit Court of Appeals has ruled that even employees who have cashed out of their retirement plans have the right to sue to recoup lost retirement assets due to a fiduciary breach. The case involves two former workers at W.R. Grace & Co., who alleged the company breached its fiduciary duty by continuing to offer company stock even when it became a risky investment, and investing plan assets in mutual funds that permitted market timing.
The ruling stands on the shoulders of a recent Supreme Court decision, LaRue v. DeWolff, in which justices held that retirement plan participants have the right to sue to recover lost assets.
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