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Supreme Court hears Intel 401(k) case on workers' right to sue
The Supreme Court hears arguments Tuesday in Anderson v. Intel, brought by Intel 401(k) participants who say the company's 401(k) plans put too much money into hedge funds and private equity, bringing higher fees and lower returns. Lower courts dismissed the case. The ruling will set what workers must show to sue over retirement plan investments. The federal government supports Intel.
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How each side sees it
The workers sayShowing higher fees and lower returns than comparable funds should be enough to take a claim forward, and the current standard sets an unreasonably high bar.
Intel saysIts diversification strategy was prudent risk management, and ERISA judges a fiduciary's decision-making process, not investment results; the U.S. government backs Intel.
Sources
- SCOTUSblog: Cases the court will hear in October
- 401(k) Specialist: Anderson v. Intel case heads to Supreme Court Tuesday
- TheStreet: Supreme Court to review Intel employees' 401(k) case
- PlanSponsor: Supreme Court to hear Intel 401(k) case
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