<nobr>Nov 27, 2007</nobr>

Transcript of Oral Arguments Before the Supreme Court in LaRue v. DeWolff Broberg & Assoc.

The Supreme Court on Monday, November 26, 2007, heard oral arguments in the case of LaRue v. DeWolff Broberg & Assoc. A link to the transcript appears below.

LaRue involves an individual's claim for damages that allegedly were incurred by his account in a defined contribution plan resulting from a plan fiduciary's failure to carry out the participant's investment instructions. The U.S. Court of Appeals for the 4th Circuit held that the participant did not have a cause of action under ERISA section 502(a)(2) or (3), finding that a recovery under section 502(a)(2) must inure to the benefit of the plan as a whole, whereas the participant was seeking a recovery solely for his personal benefit, and because section 502(a)(3) (which authorizes actions for equitable relief) does not authorize an action to recover compensatory damages. The participant did not make a claim for benefits under section 502(a)(1).

The Supreme Court in June 2007 granted a petition for certiorari in LaRue (ERIC filed a memorandum with the Solicitor urging that certiorari was not warranted). In addition, ERIC submitted to the Supreme Court an amicus brief (see link below) on behalf of the respondents in the case.

The Court's decision in LaRue could have enormous significance for employers.

Text Files:

LaRue v. DeWolff Broberg & Assoc., U.S. Sup. Ct. Oral Argument transcript, 11-26-07
Websites:

ERIC Amicus Brief

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