Legal Alert: Seventh Circuit Permits Plan Participants to Proceed with ERISA Action

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In one of the first federal appeals court decisions to address the issue following the U.S. Supreme Court decision in LaRue v. DeWolff, Boberg & Associates, Inc., the Seventh Circuit has held that a group of plaintiffs may proceed with their ERISA breach of fiduciary duty claims against the administrator of their defined contribution plan, even though the losses for which they seek recovery were not incurred by the entire plan. See Rogers v. Baxter International, Inc. (7th Cir. April 2, 2008). The Seventh Circuit also rejected the defendants? argument that the plaintiffs could not use ERISA to circumvent the limitations placed on investor actions by the Private Securities Litigation Reform Act of 1995 (PSLRA).

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