Boss botched your 401(k)? Sue ‘em.

This is almost comical and something I deal with almost everyday. I feel for the guy, however each person is responsible to ensure that things are completed in a timely manner. 10 months? Give me a break!

I have written about this and other topics on my blog as well, and thanks for the resources here for more information.

Roth 401K information

guess i can sue a casino when i lose money on the slots, 401k participants should have no right to sue, in this case the broker is responsable, not the prinicipal or recordkeeper

<> Your remarks are just too convenient. Never mind the “what ifs” and the “should haves”. The investors wishes were not carried out and there is a neglegence of fiducairy duty. SOME OF YOU JUST DON’T GET IT!!!

even bigger LOLs to a prior post asking “god help us”.

yea….that’s what we need…a religion attempting to help stablize an economy…

as if religion doesn’t have a hard enough time keeping itself from becoming a farse and a god certainly cannot help an economy any better than it can help global peace….and we all know how much help this world has been given with global peace from the diety’s. (did i spell that right?!?)

if you want a stable economy…don’t turn to a god…you’ll only get the same thing you get…empty, blank responses…

instead…do something for the economy. you know, attempt to get a job instead of more welfare children; try to learn that when you give more, you get more; see if the basic rules of financial responsibility can make sense and use some caution and tact when making financial decisions; pay your debts; don’t incur lifestyle costs above your means…..etc, etc.

This person need a doctor (shrink)
If you don’t follow through with your own Decisions it is your own fault.
He should not be alowed to sue any one.
If the suit dose occure he should get only what he lost and no more, let him pay for his own mistake.

The participant’s lawsuit most rightly should be against the plan administrator or even the company which processes the participants’ trade orders. This is usually the firm that is handling the actual assets and investments such as the mutual funds. Thus, it may be the plan provider, such as Fidelity, Vanguard, John Hancock or whatever plan provider which may be in charge of the asset management. Plan sponsor access websites for 401(k) plans ordinarily do not show individual trade requests made by each participant, so the plan sponsor is unaware of transaction orders unless the employee reports the error.

Is it legal to lock an employee out of a site for changing stock investments
prior to the unknown event of a company
selling out? In which the event that took place resulted in a large deficit
in 401K due to a drop in International investments during the same time.
Specifically late 2000

Customer service seems to be eroding to an all time low these days. I see it in restaurants, stores, and unfortunately even with your investment broker. This guy should have followed up on such an important request such as this to make sure the transaction had occurred.

Alan from New York, NY (Below)

Thanks for the laugh after a hard days work. Priceless!!

U.S. economy looks shaky, thanks to slumping housing prices?….

Our Leadership is corrupt to the bone.
The President hides behind “I didn’t knows” and “I was told the wrong information”. Bush - has used those very same lies in the past.

Our Leadership - dysfunctional at best;
Leadership implied oevrall philosophy is “When in doubt lie and If all else fails - lie”. Deregulate to the point where no one’s watch the money.
Millions of citizens with great hopes were sold a “lie”…to finance their homes.

We will not enter the market until all the “lies” have finally come to surface (about 11,000 on the DOW). They are trying to bring the market to a soft landing. They will fail.
God help us.
Someone has to bring these people and their cast of liars to court for:
“Theft by deception”.
That is what it is.
Blaming slumps is superfiscal.
What enabled that?

Theres no way this guy didn’t check his account for 10 months. He thought he had an easy out if the market went down so he could participate in the upside but not the downside of the market. That is like knowing your breaks weren’t fixed right and driving anyways because it would be someone else’s fault if you had a wreck. Total garbage. The company had a fiduciary responsibility to him, sure, but this guys knew what he was doing. BTW, if he had stayed well diversified in the market until July 2007 would his accounts be at a profit today? Probably so. You can’t have your 401(k) and eat it too.

Why was the ER involved in the transaction? Such transactions should be handled exclusively through VRU and Web technologies whereby there is an electronic record of the request. Any ER that chooses to play the role of a professional TPA should be liable.

It is very possible that the plan this person was in had a restriction on moving the stock. Many plans back in 2000 had these rules. The typical restrictions of the day were 55 and ten years of service to move money out of the company stock. This is referred to as “stock diversification” rules.

I would like to know when the stock went South … if it was close to the time he made a fuss (10 months later), I would send him packing. People need to start taking responsibility for their own actions and stop the lawsuits. The only people that win in the end are the lawyers.

So, for more than 2 quarterly statements, this guy didn’t check on his nestegg. This is truly a frivolous lawsuit.

Actually, this just goes to show an unfortunate but true axiom in this world: “The only one who will truly take care of your money is…yourself.” If you want to move money, make sure it is moved…don’t just put in the request and assume it is done. I see bright people requesting upgraded seats at the airport, and then frantically bugging the agents to see if they got FIRST CLASS. And yet, someone sends a blind(non-confirmed) request to move thousands of $ in funds, and does not look at it until 10 months later ??? What is wrong with that picture?

We need a gatekeeper for your Caps Lock Key, Renee.

INTERESTING. WHY DIDN’T THEY COMPLY WITH THE MANS WISHES? HE EVIDENTLY THOUGHT HE KNEW WHAT WAS GOING TO HAPPEN. I WOULD HAVE CHECKED SOONER THAN 10 MONTHS BUT HE REALLY SHOULD HAVE BEEN ABLE TO THINK HIS WISHES WERE TAKEN CARE OF, WITHOUT HAVING TO
CHECK. JUST GOES TO SHOW YOU WE NEED
GATEKEEPERS IN PLACE ON EVERYTHING…