United States Seventh Circuit

In a suit alleging that ERISA fiduciaries violated their duties by allowing participants to invest in an employer's stock, despite knowing that it was overpriced in the market, denial of defendant's motion to dismiss is affirmed where LaRue v. DeWolff, Boberg & Assocs., Inc., 128 S. Ct. 1020 (2008), holds that ERISA section 502(a)(2), and thus also section 409(a), may be used by the beneficiary of a defined-contribution account that suffers a loss, even though other participants are uninjured by the acts said to constitute a breach of fiduciary duty.

Appellate Information

• Argued 11/02/2007
• Decided 04/02/2008
• Published 04/02/2008

Judges

• EASTERBROOK, Chief Judge., Before EASTERBROOK, Chief Judge, and POSNER and RIPPLE, Circuit Judges.

Court

• United States Seventh Circuit

Counsel

• For Appellant:
  
• Elizabeth Hopkins (argued), Department of Labor, Office of the Solicitor, Washington, DC, Secretary Labor, Amicus Curiae.


• For Appellees:
  
• Thomas R. Meites (argued), Meites, Mulder, Mollica & Glink, Chicago, IL, for Plaintiff-Appellee., Matthew R. Kipp (argued), Skadden, Arps, Slate, Meagher & Flom, Chicago, IL, for Defendant-Appellant.