Endpiece: The Prudent Man versus the Prudent Expert

Published Sunday, November 01, 2009

In my book, The Four Pillars of Retirement Plans, I predicted that there would be a growing tsunami of small lawsuits for fiduciary breaches in retirement plans, particularly defined contribution plans. I based this prediction on the landmark Supreme Court ruling in LaRue v. DeWolff in 2008. The particulars of this case are not what is really all that important (the claim of damage was based on an administrative processing delay), but the majority opinion of Justice Stevens is important. He wrote, “ERISA authorizes recovery for fiduciary breaches that impair the value of plan assets in a participant's ...

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