Court says 401(k) participants can sue

Discussion in 'Free Speech Alley' started by LSUMASTERMIND, Feb 20, 2008.

  1. LSUMASTERMIND

    LSUMASTERMIND Founding Member

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    Whats everyones take on this?
    This is a pretty big ruiling. What you are going to see now with 401k plans, companies that administer them will have the longest ass disclaimers in history. Or they will be very reluctant about which companies they deal with. Much more due dilligence will be done on behalf of companies like Merril Lynch.
    http://news.yahoo.com/s/ap/20080220/ap_on_go_su_co/scotus_pension

     
  2. SabanFan

    SabanFan The voice of reason

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    I lost $16K in January and my funds are about as conservative as you can get with excellent long term successes. Just gotta hang on and hope Hillary loses.
     
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  3. CajunlostinCali

    CajunlostinCali Window Licker

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    I pulled my 401 two years ago and funded a successful production and distribution center utilized for selling crack to school children. :hihi:

    I KID!
     
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  4. red55

    red55 curmudgeon Staff Member

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    Hey, if the guy ordered a fund switch and the administrators failed to execute it, then they could be at fault and liable. Breach of fiduciary duties.
     
  5. ccgw

    ccgw luv'em Tigers

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    You bet! I don't like Obama either....
     
  6. Bengal Buddy

    Bengal Buddy Founding Member

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    As long as you don't cash your investment in, the loses are only paper loses. Over the long haul, the stock market is a good investment, but you can't get jittery and pull out at the first sign of trouble.
     
  7. DarkHornet

    DarkHornet Louisiana Sports Fan

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    For young investors, this makes absolute sense. What about those that are reaching retirement age, though? That's the purpose of moving them into more conservative investments, you don't want to risk a big drop right before you have to start drawing out of it. When your agent doesn't make the switch that you request, you get pretty screwed.
     

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