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LaRue v DeWolff - Transcript of an ERISA case in the US Supreme Court
November 26, 2007 by Ross Runkel at LawMemo
LaRue v. DeWolff, Boberg & Associates Inc. [Details; briefs] was argued this morning in the US Supreme Court, and the transcript is available.
Click here for transcript.
If you want to save some time, Paul Secunda at Workplace Prof Blog has a pretty nice blow-by-blow description of the argument. Paul's prediction is that LaRue will win, with a 6-3 vote.
UPDATE: Paul's comments are cross-posted at SCOTUSblog.com.
Also, Stephen Rosenberg at Boston ERISA and Insurance Litigating Blog has some interesting comments on the argument. Although unwilling to predict the outcome, he points out that the Justices seemed clear that a loss to only one participant's account will be actionable, and you don't need to show a loss to most or all participants.
My view: A win for LaRue. A unanimous decision will not surprise me. Clearly a fiduciary breach that causes a loss to one participant is actionable. Although the Court could stop there, I think they will go ahead and say that the remedy LaRue seeks is "equitable" rather than "legal" and is therefore available under ERISA.
The main flaw in my prediction is that the Court could decide that LaRue did not properly plead his case.
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